Jeff Bezos is Using Amazon.com, Inc. (AMZN) Stock to Fund Blue Origin

Bezos is selling $1B of AMZN stock a year to fund the company

Jeff Bezos, the founder and CEO of Amazon.com, Inc. (NASDAQ:AMZN), says he is using his AMZN stock to fund Blue Origin.

Jeff Bezos is Using Amazon.com, Inc. (AMZN) Stock to Fund Blue Origin

Blue Origin is Jeff Bezos’ project to make space travel available to tourists. The company is already testing reusable rockets and capsules for sending people into space. The Amazon.com, Inc. CEO says that he has been selling $1 billion worth of AMZN stock a year to fund the project.

The current rocket used for testing by Blue Origin is New Shepard. Jeff Bezos says that he plans to build an even larger rocket for taking satellites and people into space. This rocket will be named New Glenn and it will cost $2.5 billion to build.

Jeff Bezos hasn’t provided any hard deadlines for when Blue Origin will be ready to take people into space. He says this wouldn’t be a good idea when it comes to making an aircraft that carries people. However, the Amazon.com, Inc. CEO did says that the company hopes to start manned tests next year, reports The New York Times.

Jeff Bezos has also shown off a mock-up of the capsule that will be taking people into space someday. The capsule has six leather seats for customers to sit in during the journey. These seats recline and are designed to help disperse the force of takeoff that customers will experience.

Another big feature of the capsule are its windows. Blue Origin is making sure to put large windows in the capsule so that customers can get a good look at the Earth during their journey. This has made design of the capsule more difficult, but the company hopes the view will help draw in customers, Bloomberg notes.


Article printed from InvestorPlace Media, https://investorplace.com/2017/04/jeff-bezos-amazon-com-inc-blue-origin-amzn/.

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