Amazon founder selling $1B in stock to fund rocket company

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Amazon.com fail Jeff Bezos said on Wednesday he is selling about $1 billion good of the internet retailer’s stock annually to fund his Blue Origin soar company, which aims to launch paying passengers on 11-minute interval rides starting next year.

Blue Origin had hoped to originate test flights with company pilots and engineers in 2017, but that unquestionably will not happen until next year, Bezos told cameramen at the annual U.S. Space Symposium in Colorado Springs, Colo.

«My business exemplar right now for Blue Origin is I sell about $1 billion of Amazon stereotyped a year and I use it to invest in Blue Origin,» said Bezos, the chief number one of Amazon.com Inc. and also the owner of the Washington Post newspaper.

Ultimately, the layout is for Blue Origin to become a profitable, self-sustaining enterprise, with a long-term aspiration to cut the cost of space flight so that millions of people can live and drill equal off Earth, Bezos said.

Bezos is Amazon’s largest shareholder, with 80.9 million helpings, according to Thomson Reuters data. At Wednesday’s closing share charge of $909.28 US, Bezos would have to sell 1,099,771 shares to into his pledge of selling $1 billion worth of Amazon stock. Bezos’s utter Amazon holdings, representing a 16.95 per cent stake in the company, are merit $73.54 billion US at Wednesday’s closing price.

Shorter space a motor cycles

For now, Kent, Washington-based Blue Origin is working toward far shorter leaps — 11-minute space rides that are not fast enough to put a spaceship into path around Earth.

Blue Origin has not started selling tickets or set costs to ride aboard its six-passenger, gumdrop-shaped capsule, known as New Shepard.

The reusable shoot up and capsule are designed to carry passengers to an altitude of more than 62 kilometres at bottom the planet so they can experience a few minutes of weightlessness and see the curvature of Earth set against the blackness of duration. Unmanned test flights have been underway since 2015.

SPACE-BEZOS/

A mockup of the Pornographic Origin crew capsule shows an interior view. Bezos cravings to start offering space rides next year. (Isaiah J. Downing/Reuters)

At the symposium, Bezos showed off a mockup of the traveller capsule, which sports six reclined seats, each with its own huge window. Also on display was a scorched New Shepard booster rocket that was retired in October after five deserts.

Like fellow tech entrepreneur Elon Musk, founder and chief managerial of SpaceX, Bezos says that reusability is the key to cutting the cost of time flight. Last week, SpaceX relaunched a rocket for an unprecedented newer mission to put a spacecraft into orbit.

«The engineering approach is a little new, but we’re very like-minded,» Bezos said of Musk.

Blue Origin is come out a second launch system to carry satellites, and eventually people, into encircle, similar to SpaceX’s Falcon 9 and Dragon capsule.

Development costs for that method, known as New Glenn, will be about $2.5 billion US.

There is no guesstimate yet for how much Bezos will invest overall on Blue Origin. But Bezos has implied he will spend what it takes.

«It’s a long road to get there and I’m well-timed to invest in it,» Bezos said.

According to Forbes magazine, Bezos has a net significance of $78 billion.

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