Richard Branson steps down as chairman of Virgin Hyperloop One

Richard Branson has stepped down from the chairman role of Virgin Hyperloop One.

According to Reuters, In a statement, Richard Branson said the company requires more time than he could devote to the company:

At this stage in the company’s evolution, I feel it needs a more hands-on Chair, who can focus on the business and these opportunities. It will be difficult for me to fulfill that commitment as I already devote significant time to my philanthropic ventures and the many business within the Virgin Group.

It is unclear right now if the decision is made because of cancelled deal with Saudi Arabia. Branson criticized the Kingdom and suspended negotiations around intended $1billion investment.

The decision was made after the alleged assassination of journalist Jamal Khashoggi.

Branson is not alone. Several other leaders have cut the ties with the Kingdom of Saudi Arabia.