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Scoop: Virgin Hyperloop One raises $50 million, Branson becomes chair

Richard Branson. Photo by John Lamparski/Getty Images

Futuristic transportation startup Virgin Hyperloop One has agreed to raise $50 million in new private funding, Axios has learned. It also plans to name Richard Branson as chairman.

Why it matters: The Los Angeles-based company was running very low on cash, threatening the employment of around 300 people.