Elon Musk, the co-founder of PayPal, SpaceX and Tesla Motors, says he will reveal the “fifth form” of transportation (after boats, trains, cars and planes) on Aug. 12.

Musk has been tweeting up a storm without giving too much of an advanced look.

The Verge reports that Musk has already said what he calls the “Hyperloop” would “be a ‘a cross between a Concorde, a rail gun, and an air hockey table,’ and would be able to deliver people the 380 miles between Los Angeles and San Francisco in just 30 minutes, dramatically outpacing California’s bullet train project, which would make the same trip in just under three hours.”

California voters approved a multibillion dollar high speed rail project in 2008, but the state has yet to build out the rail line, which came under fire from multiple parties, including Musk.

The entrepreneur tweeted Monday that his new project will be open source and he’s “happy to work with the right partners. Must truly share philosophical goal of breakthrough tech done fast & w/o wasting money on BS.”

— Posted by Peter Z. Scheer

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