Richard Branson is now the chairman of Virgin Hyperloop One

Virgin Group invested into Hyperloop One earlier this year, which saw Virgin boss Richard Branson being placed onto the board, and adding Virgin's name to Hyperloop One.

Axios is now reporting that Branson is the new Hyperloop One chairman, replacing Shervin Pishevar who took a leave of absence after he was swept into sexual harassment allegations and an arrest for rape (that didn't result in a charge) just last month.

Now that Branson is the chairman of Virgin Hyperloop One, the company is reportedly receiving a bunch of new funding to the tune of $50 million from current investors Caspian Venture Capital and DP World. These two companies are based in Russia and Dubai, respectively, with Virgin Hyperloop One starting off on its capital and running out, with 300 employees at risk of losing their jobs if more funding wasn't secured.

The company has confirmed the news, where they also announced that Virgin Hyperloop One has reached new record high speeds of 387 kmph, or 240 mph. They also confirmed an additional $50 million of funding has been secured.