Keep pulling the thread on Bloomberg Intelligence.
Amazon has agreed to acquire satellite operator Globalstar in a deal valued at approximately $11.6 billion to enhance its satellite operations.
Amazon aims to launch a direct-to-device satellite service by 2028, providing voice, text, and data connectivity without cell towers.
The CEO of United Airlines pitched a potential merger with American Airlines to President Trump.
Lucid Group is receiving a $750 million investment from backers including the Saudi Public Investment Fund and Uber.
Uber announced in July it would buy at least 20,000 Lucid Gravity SUVs.
The Federal Reserve has lifted the asset cap previously imposed on Wells Fargo, allowing the bank to grow its balance sheet.
Citigroup CEO Jane Fraser stated that the bank is not interested in any M&A deals and is focused on organic growth.
Amazon's acquisition of Globalstar is primarily motivated by the need to acquire valuable and scarce spectrum for its satellite operations.
Through its acquisition of Globalstar, Amazon will gain ground infrastructure and a major customer relationship with Apple.
As part of the acquisition deal, Amazon negotiated to retain Apple as a customer for Globalstar's satellite-based emergency services.
SpaceX is considered the leader in space-based connectivity and is significantly ahead of Amazon in terms of the number of satellites in orbit.
Amazon's low earth orbit (LEO) satellite network is not yet in use.