Jeff Bezos, the billionaire founder of Amazon announces he will travel to space next month

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Jeff Bezos, the billionaire founder of Amazon.com announced on Monday he will fly to space next month.

Bezos said he and his brother Mark will fly from his rocket company Blue Origin spacecraft.

“Ever since I was five years old, I’ve dreamed of traveling to space. On July 20th, I will take that journey with my brother,” Bezos said in an Instagram post.

Bezos, who announced in February he is stepping down as the Chief Executive Officer of Amazon on July 5, 2021, will join the winner of an auction for a seat on the first space flight from Blue Origin. He founded amazon.com 27 years ago.

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Two other billionaires Elon Musk and Richard Branson are reportedly also spending billions building their rocket companies, but Jeff Bezos, the world’s richest man will be the first of the three to fly into space on a rocket developed by his own company.

“The world wants you to be typical. Don’t let it happen”, Bezos said in his last letter to shareholders few months ago.

The Blue Origin spacecraft, which is set to carry Bezos and others, has undergone 15 test flights, none of which had any passengers onboard.

Bezos, 57, is targeting July 20 for the sightseeing trip to the space, a landmark event in a competition to usher in a new era of private commercial space travel.

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Passengers could pay at least $200,000 for the ride, Reuters reported, citing an appraisal of rival plans from Branson’s Virgin Galactic Holdings Inc (SPCE.N) and other considerations.

It is unclear how many insurance companies will take up the risk as global insurers are still in the early stages of covering liabilities surrounding space travel. Life insurers do not ask about space tourism or exclude it from their coverage.

“You will sign this waiver of liability and provided there’s no gross negligence or willful misconduct, if you don’t survive, unfortunately, there’s probably no financial recovery,” said Richard Parker of Assure Space, a unit of insurer AmTrust Financial.

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In similar development, Amazon-owned startup, Zoox, recently unveiled a self-driving vehicle, and the company has said it will soon start offering rides to passengers. Watch the story here