California abandons $77 billion high-speed rail plan

California Gov. Gavin Newsom. Photo: Jane Tyska/Digital First Media/The Mercury News via Getty Images

California Gov. Gavin Newsom announced Tuesday that the state will no longer pursue plans to build an estimated $77 billion high-speed rail line between Los Angeles and San Francisco because the project "would cost too much and respectfully take too long," per the AP.

Driving the news: Newsrom said the state will instead focus on the Central Valley part of the route, from Merced to Bakersfield.

Airbnb hires airline veteran as first transportation chief

Photo of Airbnb logo sculpture in Tokyo office.
Airbnb logo at Tokyo event. Photo: Toshifumi Kitamura/AFP/Getty Images

Fred Reid, a long-time airline executive who was the founding CEO of Virgin America and president of Delta Airlines and Germany's Lufthansa, is joining home-sharing company Airbnb as its first global head of transportation. Most recently, Reid worked for Kittyhawk, the Larry Page-backed "flying car" company.

The big picture: Airbnb has made it clear it wants to go beyond travel accommodations, and after expanding to "Experiences" in late 2016, it's now looking to add transportation to its stack. The company won't build its own airline, nor serve as a plane ticket aggregator — instead, it will seek to make it easy to book a range of transportation options it deems in line with its brand of boutique travel.

More stories loading.