Advertisement

Jeff Bezos Is Selling Amazon Stock So People Can Travel to Space Sooner

Jeff Bezos Is Selling Amazon Stock So People Can Travel to Space Sooner
From TIME - April 5, 2017

(COLORADO SPRINGS, Colo.) - Amazon.com founder Jeff Bezos said on Wednesday he is selling about $1 billion worth of the internet retailer's stock annually to fund his Blue Origin rocket company, which aims to launch paying passengers on 11-minute space rides starting next year.

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

My business model right nowfor Blue Origin is I sell about $1 billion of Amazon stock a year and I use it to invest in Blue Origin," said Bezos, the chief executive of Amazon.com Inc and also the owner of The Washington Post newspaper.

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

Bezos is Amazon's largest shareholder, with 80.9 million shares, according to Thomson Reuters data. At Wednesday's closing share price of $909.28, Bezos would have to sell 1,099,771 shares to meet his pledge of selling $1 billion worth of Amazon stock. Bezos' total Amazon holdings, representing a 16.95% stake in the company, are worth $73.54 billion at Wednesday's closing price.

For now, Kent, Washington-based Blue Origin is working toward far shorter hops11 minute space rides that are not fast enough to put a spaceship into orbit around Earth.

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

The reusable rocket and capsule is designed to carry passengers to an altitude of more than 100 miles (62 km) above the planet so they can experience a few minutes of weightlessness and see the curvature of Earth set against the blackness of space. Unmanned test flights have been underway since 2015.

Advertisement

Continue reading at TIME »