Eric Schmidt has acquired a controlling interest in Relativity Space, a significant move within the space industry as the company attempts to develop the Terran R rocket. This strategic acquisition follows months of Schmidt financing the company amid prior fundraising challenges. His leadership ushers in a new phase for Relativity, ousting co-founder Tim Ellis from the CEO role, who will now serve as a Board member. The Terran R rocket aims to compete with SpaceX’s Falcon 9 and is crucial for launching future megaconstellations.
Schmidt taking a controlling interest in Relativity Space signifies a strategic shift as he aims to accelerate the development of the Terran R rocket to compete with SpaceX's Falcon 9.
Ellis’s transition from CEO to Co-founder and Board member reflects a new leadership direction at Relativity, emphasizing Schmidt’s financial backing and vision for the company.
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