The shareholders accused Amazon’s founder and executives of “consciously and intentionally breached their most basic fiduciary responsibilities.”
Cleveland Bakers and Teamsters Pension Fund filed a lawsuit on Monday in the Delaware Court of Chancery on behalf of Amazon against Bezos, current CEO Andy Jassy, and other top executives at the company.
Two other firms — United Launch Alliance and Arianespace — were also awarded contracts for the Project Kuiper deal. The shareholders accused Amazon’s board of “consciously and intentionally breached their most basic fiduciary responsibilities” in its decision to purchase rocket launchers for its Project Kuiper satellite internet system.Amazon’s board “excluded the most obvious and affordable launch provider, SpaceX, from its procurement process because ofAmazon’s Project Kuiper is a planned network of over 3,000 satellites designed to beam broadband internet to remote regions.
Musk, the wealthiest person in the world with a net worth of $235 billion, and Bezos, who is the third wealthiest with a fortuneat $162 billion, have sparred with one another through social media in recent years.
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