Billionaire Richard Resigns As Chairman Of Virgin Hyperloop One, the US based firm.

Branson took on the role late last year after Virgin Group invested in the company and formed a strategic partnership. The company was originally known as Hyperloop One, but rebranded itself following the move. Patrick McCall, one of Virgin’s senior executives will take over as the new Chairman.

The company had big plans for the Middle East. In April, Dubai ports operator DP World and Virgin Hyperloop One partnered to launch a new global logistics company called DP World Cargospeed.

DP World is a key investor in Virgin Hyperloop One. It took part in a $50 million funding round in December 2017, after the two companies initially signed an agreement in 2016 to pursue a cargo-based hyperloop system at Jebel Ali port — which has now resulted in DP World Cargospeed.