Sir Richard Branson has resigned from his post as chairman of Virgin Hyperloop One.
The billionaire Briton, who founded Virgin Group, said he was stepping down because the position required more time than he could give.
DP World, the futuristic transportation company's biggest shareholder, issued a statement announcing Mr Branson's resignation on Monday.
"Sir Richard played a significant role in the growth and development of the company. He will remain a significant supporter of VH1. The company is in a strong position and therefore it is time for a new full-time chairman to lead the next chapter of VH1," the statement read.
Mr Branson said he accepted the role of chairman last year to help the Los Angeles company through a transitional period.
As chairman, he secured transport agreements with India and Spain and began working with a number of US states to develop hyperloop technology – which uses magnetic levitation and low-pressure tubes to achieve aircraft-like speeds.
The company aims to build a network of high-speed pods in the UAE, India, Spain and the US.
“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," Mr Branson said.
"It will be difficult for me to fulfil that commitment as I already devote significant time to my philanthropic ventures and the many business within the Virgin Group.”
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Read more:
Branson aims to price a hyperloop trip lower than a flight
First Hyperloop TT passenger pod unveiled in Spain
Abu Dhabi Hyperloop route announced following Aldar agreement
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Killing of Qassem Suleimani
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
