Former Google CEO Eric Schmidt Takes Control of Relativity Space

Former Google CEO Eric Schmidt has taken a controlling stake in Relativity Space, a Long Beach, California-based rocket company. After Relativity's previous funding dried up, Schmidt has been quietly bankrolling the company since late October. Relativity Space is developing the Terran R medium-lift rocket, aiming to compete with SpaceX's Falcon 9. Schmidt's involvement leads to Tim Ellis, Relativity's co-founder and CEO, stepping down from the CEO role, though he remains co-founder and board member. This marks a significant shift for Relativity Space, setting the stage for a new chapter in its development.