View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
April 6, 2017

Amazon CEO Jeff Bezos sells £1bn in stock every year to fund space rocket dream

His rocket venture aims to offer a 11-minute trips to space from next year.

By CBR Staff Writer

Amazon CEO Jeff Bezos has said that he sells nearly $1bn worth of shares annually to finance his rocket company.

Starting from 2018, Bezos’ rocket venture Blue Origin aims to offer 11-minute space rides for passengers.

At the annual US Space Symposium in Colorado Springs, Bezos said that test flights with company pilots and engineers will not happen until next year, though the company had hoped to conduct them in 2017.

Bezos was quoted by Reuters as saying: “My business model right now … for Blue Origin is I sell about $1bn of Amazon stock a year and I use it to invest in Blue Origin.”

The chief executive of said the ultimate plan for Blue Origin would be to operate as a profitable, self-sustaining enterprise.

Amazon CEO jeff bezos Amazon fights Trump immigration order

Jeff Bezos, Amazon CEO.

Bezos, who also owns The Washington Post newspaper, added that the long-term goal of the rocket company would be to reduce the cost of space flight to enable millions of people to live and work off Earth.

According to Thomson Reuters data, Bezos is the largest shareholder in Amazon, owning 80.9 million shares.

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

Currently, Washington-based Blue Origin has not set ticket prices for its planned 11 minute space rides, which will see passengers reaching an altitude of more than 100 miles above the planet.

Blue Origin will provide the space trips in a six-passenger, gumdrop-shaped capsule, dubbed ‘New Shepard.’

The company is also developing a second launch system that will be used to carry satellites into orbit. The system is similar to SpaceX’s Falcon 9 and Dragon capsule and is known as New Glenn. It is expected to cost about $2.5bn.

Bezos was quoted by The New York Times as saying: “It’s a mistake to race to a deadline when you’re talking about a flying vehicle, especially one that you’re going to put people on.

“I still think we can do commercial paying passengers in 2018.”

Topics in this article : ,
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.