(Reuters) - An Amazon shareholder has filed a lawsuit against founder Jeff Bezos and the Amazon board alleging directors failed to fully vet a decision ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - An Amazon shareholder has filed a lawsuit against founder Jeff Bezos and the Amazon board alleging directors failed to fully vet a decision to award launch contracts for the company's Project Kuiper satellite project to Blue Origin, Bezos's space company.
Amazon's Project Kuiper is a planned network of over 3,000 satellites designed to beam broadband internet to remote regions. That makes it a rival to Musk's Starlink. Cleveland Bakers and Teamsters Pension Fund, a multi-employer fund, said in its filing that the launch contracts were the second-largest capital expenditure in Amazon's history at the time. Amazon's largest acquisition is its $13.7 billion deal to buy Whole Foods in 2017.
Project Kuiper will begin mass-producing the satellites later this year and beta testing with commercial customers in 2024, Amazon said earlier this year.
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