Jeff Bezos Sells $1 Billion of Amazon Stock a Year to Fund Space Race

Jeff Bezos Sells $1 Billion of Amazon Stock a Year to Fund Space Race

Amazon CEO Jeff Bezos said he is annually selling nearly $1 billion worth of the online retailer to finance his aerospace corporation Blue Origin, which aims to send wealthy travelers to space as early as next year.

“My business model right now for Blue Origin is I sell about a billion a year of Amazon stock, and I use it to fund Blue Origin. So, the business model for Blue Origin is very robust,” Bezos said Wednesday at the annual US Space Symposium in Colorado.

Blue Origin initially planned to test 11-minute space rides with passengers this year, but that probably will not happen until 2018, according to the company’s founder.

In the long term, the corporation aims to turn itself into a profitable, self-sustaining enterprise and to start cutting the cost of space flight, making it available to millions of people, Bezos said.

Read more: https://www.rt.com/business/383691-bezos-sells-amazon-race-space/

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