ELON MUSK: THE HYPERLOOP DESIGN IS COMING AUGUST 12

Tesla founder Elon Musk announced on Twitter that he will reveal the design of his "Hyperloop" on August 12.

The Hyperloop is a transportation system Musk has been talking about for over a year now.

He has teased it, saying it can get people from San Francisco to Los Angeles in 30 minutes. He described it as a "cross between a Concorde, a railgun and an air hockey table."

On Twitter, Musk says he's going to make the design for the Hyperloop open for anyone to use.

"I really hate patents unless critical to company survival," says Musk. "Will publish Hyperloop as open source."

He was asked if he plans to commericalize it, or just work with partners. He said, "Happy to work with the right partners. Must truly share philosophical goal of breakthrough tech done fast & w/o wasting money on BS."

Here's the tweet:

Will publish Hyperloop alpha design by Aug 12. Critical feedback for improvements would be much appreciated.

— Elon Musk (@elonmusk) July 15, 2013

What is the Hyperloop? Our best guess is here ...