News

Jeff Bezos, Elon Musk war sparks SpaceX lawsuit

Published

9 months ago

September 2, 2023

ticker NEWS

Amazon is now embroiled in a legal battle as shareholders file a lawsuit alleging that the company intentionally bypassed Elon Musk’s SpaceX for a lucrative satellite contract due to the ongoing feud between Musk and Amazon founder Jeff Bezos.

On Monday, the Cleveland Bakers and Teamsters Pension Fund (CB&T) initiated legal proceedings in the Delaware Court of Chancery against Amazon, naming Bezos, current CEO Andy Jassy, and other top executives as defendants.

The lawsuit contends that Amazon’s board breached its fiduciary duties by disregarding SpaceX, a known rival in the space industry, while awarding contracts worth $2.7 billion to Bezos’ space venture, Blue Origin, for Amazon’s Project Kuiper satellite internet system. Additionally, contracts were also granted to United Launch Alliance and Arianespace as part of the Project Kuiper deal.

Big spend

In total, Amazon is poised to spend approximately $7.4 billion on launch services provided by these three companies through 2028.

The lawsuit, which seeks unspecified damages and legal fees, asserts that SpaceX boasts the best track record among the companies awarded contracts and that a deal with Musk’s company would have been more cost-effective for Amazon.

According to the lawsuit, Amazon’s board deliberately excluded SpaceX, the most obvious and economical launch provider, due to Bezos’ personal rivalry with Musk.

Amazon’s Project Kuiper is a colossal initiative aimed at establishing a network of over 3,000 satellites to deliver broadband internet to remote areas, putting it in direct competition with Musk’s Starlink, which has already deployed more than 4,500 satellites.

Amazon responded to the lawsuit by dismissing the allegations as without merit, expressing readiness to contest them through legal proceedings.

News

Why Australia is becoming the new home of the Hollywood blockbuster

Published

1 day ago

May 17, 2024

Nathan Langridge

Australia’s multimillion-dollar campaign to attract Hollywood productions to its shores appears to be paying off.

The allure of Australia lies not only in its picturesque locations but also in its competitive financial incentives.

The government offers generous rebates and tax breaks to international productions, making it an attractive proposition for filmmakers looking to maximise their budgets.

Despite the recent intake of Hollywood productions down under such as ‘The Fall Guy’ and ‘Furiosa: A Mad Max Saga’, Aussie independents are still finding the space to carve their own creative path.

Rob Fantozzi joined the program to discuss the latest in Hollywood, and showcased his own upcoming project – ‘Omerta‘. #featured

News

Portal between countries shut down after international flashing

Published

1 day ago

May 17, 2024

Nathan Langridge

An international video portal has been forced to shut down after an OnlyFans model reportedly flashed passersby from across the globe.

On this episode of Ahron and Mike Live – Which would you prefer; pay rise or work perks, an international portal closes, the military reveal a submarine stingray and are you on a top or bottom burger bun?

Ticker’s Ahron Young & Mike Loder discuss. #featured #trending

News

U.S. home prices surge 47%

Published

2 days ago

May 17, 2024

ticker NEWS

American home prices are rising at faster pace now than in the last 20-years.

A recent analysis reveals a jaw dropping surge in the cost of American homes.

Since the start of 2020, U.S. home prices have surged 47% easily outstripping the gains seen in recent decades.

On top of that, home price growth so far this decade is on the verge of surpassing all the growth seen in the 2000s.

Many experts believe this decade’s housing market frenzy was ignited by a perfect storm — the onset of the COVID-19 pandemic triggering an unprecedented rush among buyers.

Tom Hutchens, the Executive Vice President of Production at Angel Oak Mortgage Solutions joins Veronica Dudo to discuss.

#IN AMERICA TODAY #economy #housing #housingmarket #homeprices #homesales #inflation #trending