An institutional investor is suing Amazon and its board, including founder and executive chairman Jeff Bezos, over hefty launch contracts they awarded to Bezos’ space company, Blue Origin.
The suit, filed by Amazon shareholders the Cleveland Bakers and Teamsters Pension Fund, alleges that the board spent less than 40 minutes approving the launch agreements for Amazon’s Project Kuiper mega-constellation, while not even considering leading launch company (and Blue Origin rival) SpaceX.
“Amazon’s directors likely devoted barely an hour before blindly signing off on funneling […] Amazon’s money to Bezos’ unproven, struggling rocket company,” the suit says. The plaintiffs say the board failed to protect the negotiation proces …
