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Jeff Bezos, Elon Musk war sparks SpaceX lawsuit

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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.

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It takes a village: coordinated financial teams prove paramount to maximising wealth

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The pursuit of wealth is often faced by significant challenges including debt, lifestyle costs, and burnout – so what methods can help overcome these challenges?

Maximising financial opportunities involves a suite of tasks, from leveraging favourable loan rates, strategic tax planning, and coordinated financial advising.

Mark Wyld from MW Wealth joins to discuss more. #featured

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Microsoft recalls ‘Recall AI’ feature over security fears

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Microsoft has announced a postponement in the release of its new Recall AI feature, citing significant security concerns raised during internal testing.

Pope Francis took charge of discussions on the implications of artificial intelligence for global ethics and governance, Reuters reports.

The pope said AI represented an “epochal transformation” for mankind, but stressed the need for close oversight of the ever-developing technology to preserve human life and dignity.

“No machine should ever choose to take the life of a human being,” he said, adding that people should not let superpowerful algorithms decide their destiny.
“We would condemn humanity to a future without hope if we took away people’s ability to make decisions about themselves and their lives, by dooming them to depend on the choices of machines,” he warned.

#featured #trending

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