Tech billionaire Elon Musk could be a step closer to revolutionizing travel

Maryland has issued a permit to allow Musk's Hyperloop high-speed transit project to begin construction.
2:28 | 10/21/17

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Transcript for Tech billionaire Elon Musk could be a step closer to revolutionizing travel
I love this idea. Imagine getting from New York City to D.C. In 29 minute, that's the promise, the promise of Elon Musk's hyper loop 1. And the project now appears to be moving forward. Get it? I got it. Really fast. That would require you being faster than the speed of sound. Wow! Pneumatic tube. Fantasy. He is taking the steps towards building that transit system starting in Maryland. This morning, tech billionaire Elon Musk may be one step closer to revolutionizing the way we travel. We waited a long time for what's the next thing and I believe we're seeing the next thing come into existence right here in Maryland. The Maryland department of transportation confirming to ABC news that it's issuing musk tunneling firm the boring company a conditional utility permit to dig a 10.3-mile hyper loop tum that would run beneath a portion of the Baltimore, Washington parkway, first step in the high-speed transit system known as hyper loop. He says it can propel passengers traveling in these pneumatic tubes at around 800 miles an hour and go from Washington to New York City with stops in Baltimore and philly in just 29 minutes. Maryland governor Larry hogan already touring the tunnel site. I think it's coming to Maryland and it's going to go from Baltimore to Washington. So get ready. Reporter: Musk is not only digging the tum on the east coast. He is also going underground in Los Angeles hoping to build a super future subster rainian highway to reduce traffic there. In September he announced plans for a rocket that could fly passengers around the world in half an hour. Some unanswered question, one of which Paula put to me about construction cost, when it will happen, funding and how much it will cost altogether. Musk handing that he'll have more to say when he makes a formal announcement in about a month. Experts say this superhighway dream of his is technologically feasible but it will be as you can imagine super expensive. What about the rocket that takes you around -- any pricing on that one. Not yet on that one. Rockets aren't cheap. Save your nickels and dimes. I want to call you rocket man. Okay.

This transcript has been automatically generated and may not be 100% accurate.

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