Jeff Bezos is selling Amazon stock to fund rocket venture: HumSub.TV
Jeff Bezos is selling Amazon stock to fund rocket venture: HumSub.TV: 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 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 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 Reuter’s data. At Wednesday’s closing share price of $909.28, Bezos would have to sell over 1 million shares to meet his pledge of selling $1 billion worth of Amazon stock.
Bezos’ total Amazon holdings, representing a 16.95 percent stake in the company, are worth $73.54 billion at Wednesday’s closing price.
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 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.
At the symposium, Bezos showed off a mock-up of the passenger capsule, which sports six reclined seats, each with its own large window. Also on display was a scorched New Shepard booster rocket that was retired in October after five flights.
Like fellow tech entrepreneur Elon Musk, founder and chief executive of SpaceX, Bezos says that re-usability is the key to cutting the cost of space flight. Last week, SpaceX re-launched a rocket for an unprecedented second mission to put a spacecraft into orbit.
The engineering approach is a little different, but were very like-minded, Bezos said of Musk.
Blue Origin is developing a second 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.
There is no estimate yet for how much Bezos will invest overall on Blue Origin. But Bezos has indicated he will spend what it takes.
It’s a long road to get there and Im happy to invest in it, Bezos said.
Jeff Bezos is selling Amazon stock to fund rocket venture: HumSub.TV
Jeff Bezos is selling Amazon stock to fund rocket venture: HumSub.TV
About HumSub TV
Introduction
HumSub TV is Pakistan’s leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.
HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the “Rights” as well as the “Obligations” of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
Vision
To project positive image building of Pakistan and inculcate nationalism, as per the vision of the founder of the nation, Quaid-e-Azam Mohammad Ali Jinnah.
Mission
HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.
HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.
HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.
Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.
For More News:
Visit HumSub TV