Jeff Bezos addresses the media about the New Shepard rocket booster and Crew Capsule mock-up at the 33rd Space Symposium in Colorado Springs on Wednesday. (Image Credit: Reuters)

Bezos is selling $1b of Amazon stock a year to fund rocket venture

To fund his Blue Origin rocket company, which aims to launch paying passengers on 11-minute space rides starting next year

Colorado Springs, Colorado: Amazon.com founder Jeff Bezos said on Wednesday he is selling about $1 billion (Dh3.67 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 US Space Symposium in Colorado Springs.
“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,” 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...Read more...

Source: gulfnews.com