Monday, April 2, 2018

Russian Investor and Co-Chairman Of Virgin Hyperloop One Arrested

A Russian billionaire, who is one of the backers of Los Angeles-based Hyperloop One has been arrested in Russia, over alleged embezzlment of $35M in the construction of a soccer stadium in Kaliningrad. According to Reuters, billionaire Ziyavudin Magomedov has made investments via his Caspian Venture Capital fund in such companies as Uber, Diamond Foundry, Peek, and Virgin Hyperloop One, where he is co-executive chairman of the company. Caspian Venture Capital was one of the big investors in the last round for Virgin Hyperloop One, the funding where Sir Richard Branson took the role of Chairman in the company and renamed it from it former name of Hyperloop One.

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