Richard Branson quits as chairman of his hyperloop project

Virgin Hyperloop One’s chairman Richard Branson has announced his decision of stepping down from his position at Virgin Hyperloop One, one of his most ambitious projects.

Branson announced about his decision yesterday stating the reason that the firm needs more involved chairman as it moves forward with its plans to construct a fully operational hyperloop transportation system.

The news about his resignation came just a week after it was reported by the Financial Times that Saudi Arabia had canceled a feasibility study with Virgin Hyperloop One after Branson halted talks with Riyadh over the Jamal Khashoggi saga.

Saudi Arabia is soon getting Hyperloop technology

“At this stage in the company’s evolution, I feel it needs a more hands-on Chair, who can focus on the business and these opportunities. It will be difficult for me to fulfill that commitment as I already devote significant time to my philanthropic ventures and the many businesses within the Virgin Group,” said the Virgin Group’s founder.

Meanwhile, Virgin Hyperloop One’s biggest shareholder, Dubai’s DP World, informed that the firm was in search of a new chairman, as per a report by Reuters.

The company initially had plans to build a hyperloop transport system in the United Arab Emirates and other countries. It was reported earlier this month that Branson said his Virgin Group would suspend discussions with Saudi Arabia’s Public Investment Fund over a planned $1 billion investment in Virgin’s space venture following Jamal Khashoggi’s disappearance.

Engadget wrote, last year Branson became Hyperloop One’s chairman after Virgin Group invested in the company. He also suspended his involvement with two Saudi tourism projects. However, just last month it was announced by Hyperloop One that Jeddah would be featured in a worldwide promotional campaign for the company.