SpaceX Announces Hyperloop Pod Competition

In August 2013, Elon Musk, the CEO and CTO of SpaceX, the world's first privately funded spacecraft company unveiled a 57-page Elon Musk, the CEO and CTO of SpaceX, the world's first privately funded spacecraft company unveiled a 57-page white paper that outlined a radical new supersonic transportation system. Called Hyperloop, it envisioned giving residents of high-traffic cities that lie within short distances the option to commute in enclosed capsules through low-pressure steel tubes at up to 800 mph. Musk hypothesized that such a system would help cut the commute time between cities like Los Angeles and San Francisco from the current 6 hours to just 30 minutes.