London Daily

Focus on the big picture.
Saturday, Aug 23, 2025

Jeff Bezos is worth $160bn – yet Congress might bail out his space company

Jeff Bezos is worth $160bn – yet Congress might bail out his space company

If we are going to send more humans to the Moon and eventually to Mars, will the goal be to benefit the people of the US and the world, or to make billionaires even richer?

On 20 July 1969, 650 million people throughout the world watched with bated breath as Neil Armstrong successfully fulfilled President Kennedy’s vision. The United States achieved what had seemed impossible just a few decades before. We had sent a man to the moon.

On that historic day, the entire world came together to celebrate the enormous accomplishment as Armstrong’s voice boomed from our television sets: “That’s one small step for man, one giant leap for mankind.”

In just eight short years the US, led by our extraordinary scientists, engineers and astronauts at Nasa, had opened up a new world for humanity. And while the entire world rejoiced, there was a special joy and pride in our country because this was an American project. It was our financing, our political will, our scientific ingenuity, our courage that had accomplished this milestone in human history. We had not only “won” the international space race, but more importantly, we had created unthinkable opportunities for all of humankind.

Fifty-three years later, as a result of a huge effort to privatize space exploration, I am concerned that Nasa has become little more than an ATM machine to fuel a space race not between the US and other countries, but between the two wealthiest men in America – Elon Musk and Jeff Bezos, who are worth more than $450bn combined.

After many billions of dollars of taxpayer funding the American people are going to have to make a very fundamental decision. If we are going to send more human beings to the moon and eventually to Mars, who will control the enterprise and what will be the purpose of that exploration? Will the goal be to benefit the people of the United States and the entire world, or will it be a vast boondoggle to make billionaires even richer and open up outer space to corporate greed and exploitation?

At this moment, if you can believe it, Congress is considering legislation to provide a $10bn bailout to Jeff Bezos’s Blue Origin space company for a contract to build a lunar lander. This legislation is taking place after Blue Origin lost a competitive bid to SpaceX, Musk’s company.

Bezos is worth some $180bn. In a given year, he has paid nothing in federal income taxes. He is the owner of Amazon, which, in a given year, has also paid nothing in federal income taxes after making billions in profits. Bezos has enough money to own a $500m mega-yacht, a $23m mansion in Washington DC, a $175m estate in Beverly Hills and a $78m, 14-acre estate in Maui.

At a time when over half of the people in this country live paycheck to paycheck, when more than 70 million are uninsured or underinsured and when some 600,000 Americans are homeless, should we really be providing a multibillion-dollar taxpayer bailout for Bezos to fuel his space hobby? I don’t think so.

Let’s be clear, however. This issue goes well beyond just one contract for Bezos to go to the moon.

The reality is that the space economy – which today mostly consists of private companies utilizing Nasa facilities and technology essentially free of charge to launch satellites into orbit – is already very profitable and has the potential to become exponentially more profitable in the future. Bank of America predicts that over the next eight years the space economy will triple in size to $1.4tn – that’s trillion with a “t”.

In 2018, private corporations made over $94bn in profits from goods or services that are used in space – profits that could not have been achieved without generous subsidies and support from Nasa and the taxpayers of America. The satellite business is growing rapidly. SpaceX alone plans to launch tens of thousands of its Starlink telecommunications satellites over the next few years.

In addition to the launching of new satellites, corporations like SpaceX will be making substantial sums from the “space tourism” business. Recently, three extremely wealthy individuals paid $55m each in order to visit the International Space Station. The good news is that if you are a billionaire tired of vacationing in the Caribbean, there are some exciting travel opportunities for you. The bad news is that American taxpayers are subsidizing some of that trip.

And while it may seem like a bad science fiction movie today, decades from now the real money to be made will not come from satellites or space tourism but to those who discover how to mine lucrative minerals on asteroids.

In fact, both Goldman Sachs and the noted astrophysicist Neil deGrasse Tyson have predicted that the world’s first trillionaire will be the person who figures out how to harness and exploit natural resources on asteroids.

Nasa has identified over 12,000 asteroids within 45m kilometers of Earth that contain iron ore, nickel, precious metals and other minerals. Just a single 3,000ft asteroid may contain platinum worth over $5tn. Another asteroid’s rare earth metals could be worth more than $20tn alone. According to the Silicon Valley entrepreneur Peter Diamandis, “There are twenty-trillion-dollar checks up there, waiting to be cashed!”

The questions we must ask are: who will be cashing those checks? Who will, overall, be benefiting from space exploration? Will it be a handful of billionaires or will it be the people of our country and all of humanity?

As it stands now, as a result of the 2015 Space Act that passed the Senate with virtually no floor debate, private corporations are able to own all of the resources that they discover in space. In other words, the taxpayers of this country who made it possible for these private enterprises to go into space will get a 0% return on their investment.
Advertisement

The time is now to have a serious debate in Congress and throughout our country as to how to develop a rational space policy that does not simply socialize all of the risks and privatize all of the profits. Whether it is expanding affordable high-speed internet and cellphone service in remote areas, tracking natural disasters and climate change, establishing colonies on the moon and Mars or mining asteroids, the scientific achievements we make should be shared by all of us, not just the wealthy few.

Space exploration is very exciting. Its potential to improve life here on planet Earth is limitless. But it also has the potential to make the richest people in the world incredibly richer and unimaginably more powerful. When we take that next giant leap into space let us do it to benefit all of humanity, not to turn a handful of billionaires into trillionaires.

Newsletter

Related Articles

0:00
0:00
Close
Bunkers, Billions and Apocalypse: The Secret Compounds of Zuckerberg and the Tech Giants
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
New York Appeals Court Voids Nearly $500 Million Civil Fraud Penalty Against Trump While Upholding Fraud Liability
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
Child-free hotels spark controversy
North Korea is where this 95-year-old wants to die. South Korea won’t let him go. Is this our ally or a human rights enemy?
Hong Kong Launches Regulatory Regime and Trials for HKD-Backed Stablecoins
China rehearses September 3 Victory Day parade as imagery points to ‘loyal wingman’ FH-97 family presence
Trump Called Viktor Orbán: "Why Are You Using the Veto"
Horror in the Skies: Plane Engine Exploded, Passengers Sent Farewell Messages
MSNBC Rebrands as MS NOW Amid Comcast’s Cable Spin-Off
AI in Policing: Draft One Helps Speed Up Reports but Raises Legal and Ethical Concerns
Shame in Norway: Crown Princess’s Son Accused of Four Rapes
Apple Begins Simultaneous iPhone 17 Production in India and China
A Robot to Give Birth: The Chinese Announcement That Shakes the World
Finnish MP Dies by Suicide in Parliament Building
Outrage in the Tennis World After Jannik Sinner’s Withdrawal Storm
William and Kate Are Moving House – and the New Neighbors Were Evicted
Class Action Lawsuit Against Volkswagen: Steering Wheel Switches Cause Accidents
Taylor Swift on the Way to the Super Bowl? All the Clues Stirring Up Fans
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Apple Expands Social Media Presence in China With RedNote Account Ahead of iPhone 17 Launch
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Cambridge Dictionary Adds 'Skibidi,' 'Delulu,' and 'Tradwife' Amid Surge of Online Slang
Bill Barr Testifies No Evidence Implicated Trump in Epstein Case; DOJ Set to Release Records
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
The CEO Who Replaced 80% of Employees for the AI Revolution: "I Would Do It Again"
Emails Worth Billions: How Airlines Generate Huge Profits
Character.ai Bets on Future of AI Companionship
China Ramps Up Tax Crackdown on Overseas Investments
Japanese Office Furniture Maker Expands into Bomb Shelter Market
Intel Shares Surge on Possible U.S. Government Investment
Hurricane Erin Threatens U.S. East Coast with Dangerous Surf
EU Blocks Trade Statement Over Digital Rule Dispute
EU Sends Record Aid as Spain Battles Wildfires
JPMorgan Plans New Canary Wharf Tower
Zelenskyy and his allies say they will press Trump on security guarantees
Beijing is moving into gold and other assets, diversifying away from the dollar
Escalating Clashes in Serbia as Anti-Government Protests Spread Nationwide
The Drought in Britain and the Strange Request from the Government to Delete Old Emails
Category 5 Hurricane in the Caribbean: 'Catastrophic Storm' with Winds of 255 km/h
"No, Thanks": The Mathematical Genius Who Turned Down 1.5 Billion Dollars from Zuckerberg
The surprising hero, the ugly incident, and the criticism despite victory: "Liverpool’s defense exposed in full"
Digital Humans Move Beyond Sci-Fi: From Virtual DJs to AI Customer Agents
YouTube will start using AI to guess your age. If it’s wrong, you’ll have to prove it
×