Jeff Bezos is selling Amazon stock to fund rocket venture

Blue Moon lander

Blue Moon lander

Blue Origin had hoped to begin test flights with company pilots and engineers this year, but that probably will not happen until next year, Mr Bezos told reporters at the annual US Space Symposium on Wednesday.

So, how much does it cost to keep a tech mogul's space-travel pet project afloat?

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.

Blue Origin representatives have said that reusable rockets will lower the cost of access to space, and the company plans to make a reusable first-stage booster for its upcoming orbital rocket, New Glenn. The company successfully landed the first reusable rocket after going into space in November - a feat it has repeated several times.

This week, the company brought the rocket that made those five flights to the Space Symposium in Colorado Springs, Colorado and displayed it along with a mockup of the spacecraft that will eventually begin carrying customers on 11-minute suborbital flights. "I always remind the team is that we are not racing", he said.

White House Responds To Nunes Recusal With Eight Words
He added that he wants to speak to the ethics office as soon as possible "to expedite the dismissal of these false claims". There was concern that the presser showed Nunes was too entangled with Trump to properly investigate the Trump campaign.

SpaceX on the other hand has been heavily focusing on commercial launches of satellites and delivering gear to the ISS. The system is also expected to support people's trips to space in future, and will cost around $2.5 billion to develop. With 80.9 million shares and a 16.95 percent stake in the company, Bezos is the largest shareholder at Amazon, reports Reuters. CEO Jeff Bezos said in some years he has personally invested up to $1 billion to further those goals.

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. The 2018 target remains in place for initial commercial service, but Blue Origin is now looking more likely to start test flights in 2018, rather than later this year.

"Of course, we'll be just as competitive", Bezos said - and CNBC.com features in a prominent pull-quote gleaned from its livestream coverage of the event. And believe me, those inventions were not disruptive in any way. Bezos may have one successful company in one hand, but he is equally passionate about Blue Origin.

Bezos said that the reusability of spacecraft was key to cutting the price of going into space. While his "singular focus is people in space", the flight-testing program will be deliberate and painstaking, he said.

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