"I've been in this business a long time, and I could paper the wall with announcements like this. So, I said "Yeah, I've heard THAT before." Heck, I wrote a few myself.
Then I saw the name of the CEO on the website."

Well, it certainly helps to have lots of money to throw at it, but this doesn't mean he will be successful.

"A ground up internal development increases difficulty and the required investment, but no other path will achieve the needed improvement in the cost of access to space."

Doesn't sound too promising. There are other paths and they are more likely to be successful.
One obvious path would be to team up with people who have already started down the path he is pursuing. And there are other paths.