Hyperloop One races to new top speed, and a famous billionaire chairman

Hyperloop One set a new company record when it reached a blistering 242 mph outside of Las Vegas on Friday — and days later, it gained a famous billionaire. 

The company named Richard Branson its chairman on Monday, rebranding itself as Virgin Hyperloop One, Axios reports. It hopes to one day zip commuters across the country at 700 mph. 

Virgin Hyperloop One's previous tests in the Mojave Desert clearly impressed the global airline tycoon, who has helped secure over $100 million in funding for the company since October.

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