Former Google CEO Eric Schmidt is the new leader of Relativity Space

Another Silicon Valley investor is getting into the rocket business.

Former Google chief executive Eric Schmidt has taken a controlling interest in the Long Beach, California-based Relativity Space. The New York Times first reported the change becoming official, after Schmidt told employees in an all-hands meeting on Monday.

Schmidt's involvement with Relativity has been quietly discussed among space industry insiders for a few months. Multiple sources told Ars that he has largely been bankrolling the company since the end of October, when the company's previous fundraising dried up.

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