Schmidt announced at a company meeting that he had made a “significant investment” in the firm and taken a “controlling stake” in it, the New York Times has reported. On top of that, Schmidt plans to take the role of CEO at the company.

Eric Schmidt has acquired a control stake in Relativity Space, a Long Beach, Calif.-based rocket maker, and taken over as CEO. Why it matters: This will be Schmidt's first CEO job since leaving Google's top post more than 14 years ago,