Thursday, April 6, 2017

Amazon.com founder Jeff Bezos Selling $1 Billion of Amazon Stock a Year to Fund Blue Origin rocket company

Amazon.com founder Jeff Bezos said, he is selling about $1 billion (roughly Rs. 6,503 crores) worth of the Internet retailer's stock annually to fund his Blue Origin rocket company. Blue Origin rocket company aims to launch paying passengers on 11-minute space rides starting next year.


Also read: Amazon to hire 1200 people for seven new warehouses

Bezos is Amazon's largest shareholder, with 80.9 million shares. Bezos' total Amazon holdings, representing a 16.95 percent stake in the company, are worth $73.54 billion.



He also said, My business model right now ... for Blue Origin is I sell about $1 billion of Amazon stock a year and I use it to invest in Blue Origin. Washington-based Blue Origin is working toward far shorter hops - 11 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.

Blue Origin is developing a launch system to carry satellites and eventually people into orbit, similar to SpaceX's Falcon 9 and Dragon capsule. Development costs for that system, known as New Glenn, will be about $2.5 billion.

Bezos has a net worth of $78 billion.


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