Pension fund sues Jeff Bezos and Amazon for not using Falcon 9 rockets::Plaintiffs: Amazon decision “lays bare the extent” of Bezos’ personal rivalry with Musk.
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The term “fiduciary duties” makes me want to do an anticapitalism
Ostensibly, those are what keep groups like banks from screwing you over for their own profit. Or keep an investor from using your money to cash out their own stocks they expect are going to tank, leaving you holding worthless shit they just spent a ton of your money on.
Wells Fargo has entered the chat.
This is the best summary I could come up with:
Shareholders of a pension fund that includes Amazon stock have sued the company, its founder Jeff Bezos, and its board of directors for “breaching their fiduciary duty” as part of a contract to acquire launch services for the Project Kuiper megaconstellation.
The lawsuit, filed on Thursday and first reported by the Delaware Business Court Insider, alleges that in purchasing launches for Kuiper, Amazon failed to consider SpaceX and its Falcon 9 rocket.
The primary issue raised by the lawsuit is that Amazon’s board of directors did not consider SpaceX as a potential launch contractor and instead chose companies that would enrich Bezos.
“The near-constant drumbeat of delays and bad news from Blue Origin and its business partner and customer, ULA, now threatens to jeopardize the entire Kuiper program, underscoring the harm the Board’s utter failure to comply with its fiduciary duties has caused to Amazon,” the lawsuit states.
The multinational technology company announced in 2019 that it would develop a large broadband satellite Internet constellation in 2019 called Project Kuiper.
Under the license it received from the Federal Communications Commission, Amazon is required to launch half of its planned 3,236 satellites into low-Earth orbit by July 30, 2026.
The original article contains 778 words, the summary contains 198 words. Saved 75%. I’m a bot and I’m open source!
Money really sucks
