![]() ![]() $7.2 billion USD in 2021 Jeff 21)Jeff Bezos / Net worth Who is replacing Jeff Bezos?Ī longtime aide of Jeff Bezos has taken the helm of Amazon as the company's CEO from Jeff Bezos. "Bezos, it must be assumed, could not swallow his pride to seek his bitter rival's help to launch Amazon's satellites," the suit adds.How much liquid assets does Jeff Bezos have? And with each passing day, as Amazon's chosen launch partners (Blue Origin in particular) continue to struggle and SpaceX continues to prove itself, this Board-inflicted harm continues to grow," CB&T wrote. "By completely abdicating its fiduciary duties, the Board has already exposed Amazon to substantial harm and placed the Company's entire Kuiper program at needless risk. CB&T highlighted that the deal was a sharp contrast to Amazon's $13.7 billion acquisition of Whole Foods, a process in which the company engaged financial advisors. In March 2022, the Bezos team presented a summary of the Blue Origin and ULA contracts to the Amazon board for approval, along with a third contract for European company Arianespace. It had no information about Blue Origin's struggles to develop the New Glenn, about how these struggles might jeopardize Amazon's ability to meet its FCC-mandated 2026 deadline, or about how Blue Origin planned to overcome these struggles," CB&T's lawsuit says. It had no information about how many other launch providers (if any) Bezos and his management team explored contracting with. ![]() It had no information about the level of Bezos' involvement. "It had no information about how Bezos and his management team conducted the negotiations with Blue Origin. Notably, the contract to use ULA's Vulcan rocket brings direct benefit to Blue Origin, as each Vulcan is powered by a pair of Blue Origin's BE-4 rocket engines.ĬB&T alleges the audit committee received only "a brief summary of the terms of the contracts" and "rubberstamped" the deal "after only a few minutes of discussion." In January 2022, the suit says Bezos' team told the Amazon audit committee that two contracts had been fully negotiated with Blue Origin and ULA. Contract values, and how much Amazon is paying in total for the launches, are redacted in the lawsuit. The suit also alleges the Bezos-led team did "not even consider SpaceX," and the Amazon audit committee did not ask for or receive updates on the negotiations for nearly 18 months. In July 2020, CB&T said that Bezos led Amazon management in telling the company's audit committee that discussions were under way with Blue Origin and three other companies for launch contracts, but SpaceX "was not among the four" options. The suit alleges that Amazon leadership failed to conduct "any meaningful analysis" on the rocket launch market, and approved the contracts after "two cursory meetings" and without protecting negotiations "from Bezos' glaring conflict of interest." Sign up here to receive weekly editions of CNBC's Investing in Space newsletter. In 2023, the company is flying rockets at a record-setting pace, with a launch about every four days on average. SpaceX is the leading rocket provider in the world, with its Falcon 9 rockets advertised at a comparatively low market price of about $70 million per launch. ![]() The lawsuit adds that Amazon leadership "excluded the most obvious and affordable launch provider, SpaceX, from its procurement process because of Bezos' personal rivalry with Musk." In its May annual shareholders meeting, Amazon disclosed it expects to pay about $7.4 billion for launch services through 2028, with $2.7 billion expected to go to Bezos' wholly owned Blue Origin.ĬB&T alleges that Bezos, Amazon's executive chair – as well as CEO Andy Jassy and members of the company's board of directors who also serve on its audit committee – "consciously and intentionally breached their most basic fiduciary responsibilities" by awarding contracts for Kuiper missions on a trio or rockets that have yet to launch and are years behind schedule. Last year, Amazon announced what it called the biggest rocket deal in the commercial space industry's history, signing launch contracts with United Launch Alliance (ULA), Arianespace, and Bezos' Blue Origin. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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