Imagine being able to travel from New York to Shanghai in just 30 minutes. If Elon Musk succeeds with his newest plan, a trip of this kind will soon be possible. During Musk’s Space Exploration Technologies Corp., the entrepreneur revealed his ambition to build the “BFR” – a rocket that could transport anyone anywhere on the planet within 60 minutes. Musk, who has long dreamed of founding a human colony on Mars, is willing to use his own personal assets to fund the futuristic technology.

LIVE: Elon Musk reveals his latest plans for colonizing Mars.

Posted by Bloomberg Technology on Thursday, September 28, 2017

“If we are going to places like Mars, why not Earth?” said Musk at the 68th International Astronautical Congress, which took place in Adelaide, Australia. Towards the end of Musk’s presentation, an animation played on the screen behind the tech entrepreneur, showing dozens of people getting on a high-speed ferry in New York, boarding the BRF on a platform in the water, then jetting to Shanghai in about 30 minutes.

Musk wrote on Instagram: ”Fly to most places on Earth in under 30 mins and anywhere in under 60. Cost per seat should be about the same as full fare economy in an aircraft. Forgot to mention that.” Reportedly, the BFR will contain 40 cabins capable of “ferrying” approximately 100 people at a time.

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The 46-year-old has admitted in the past that “the major fundamental flaw” in his plans is the financing aspect. With a net worth of approximately $21 billion, the entrepreneur isn’t averse to using his own personal assets to develop the technology. However, money for the BFR will also be raised via contracts with commercial satellite operators, who can use the BFR to carry satellites to orbit, as well as crew and cargo to the International Space Station.

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Musk is also ambitious to send an unmanned “Red Dragon” spacecraft to the red planet in 2018. Though the initial plan has changed, the new goal has the craft landing on Mars in 2022, followed by crewed missions in 2024.

Via Bloomberg

Images via TEDx, Pixabay