attempted to break up its $16 billion deal to acquire Tiffany & Company, ultimately securing a discount of about $420 million.

“This stuff is a bargaining move in an economic transaction,” said Charles Elson, a recently retired professor of corporate governance at the University of Delaware. “It’s all about money.”

A lower price would benefit Mr. Musk and his financial backers, especially as Twitter faces financial headwinds. But Twitter has made clear it wants to force Mr. Musk to stick to his $44 billion offer.

The most damaging outcome for Twitter would be for the deal to collapse. Mr. Musk would need to show that Twitter materially and intentionally breached the terms of its contract, a high bar that acquirers have rarely met. Mr. Musk has claimed that Twitter is withholding information necessary for him to close the deal. He has also argued that Twitter misreported its spam figures, and the misleading statistics concealed a serious problem with Twitter’s business.

A buyer has only once successfully argued in a Delaware court that a material change in the target company’s business gives it the ability to cleanly exit the deal. That occurred in 2017 in the $3.7 billion acquisition of the pharmaceutical company Akorn by the health care company Fresenius Kabi. After Fresenius signed the agreement, Akorn’s earnings fell and it faced allegations by a whistle-blower of skirting regulatory requirements.

Even if Twitter shows that it did not violate the merger agreement, a chancellor in the Delaware court may still allow Mr. Musk to pay damages and walk away, as in the case of Apollo Global Management’s deal combining the chemical companies Huntsman and Hexion in 2008. (The lawsuits concluded in a broken deal and a $1 billion settlement.)

habit of flouting legal confines.

revealed in May that it was examining Mr. Musk’s purchases of Twitter stock and whether he properly disclosed his stake and his intentions for the social media company. In 2018, the regulator secured a $40 million settlement from Mr. Musk and Tesla over charges that his tweet falsely claiming he had secured funding to take Tesla private amounted to securities fraud.

“At the end of the day, a merger agreement is just a piece of paper. And a piece of paper can give you a lawsuit if your buyer gets cold feet,” said Ronald Barusch, a retired mergers and acquisitions lawyer who worked for Skadden Arps before it represented Mr. Musk. “A lawsuit doesn’t give you a deal. It generally gives you a protracted headache. And a damaged company.”

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SpaceX employees denounce CEO Musk as “distraction” – letter

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Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS/File Photo

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Orlando, Fla., June 16 (Reuters) – A group of SpaceX employees derided flamboyant billionaire Chief Executive Officer Elon Musk as a “distraction and embarrassment” in an internal letter to executives.

Musk, also head of electric automaker Tesla Inc(TSLA.O), has been in headlines and late-night comedy monologues in recent months for a tumultuous quest to buy social media giant Twitter, a reported allegation of sexual harassment that Musk has denied as well as crude comments online and a foray into political discourse.

“Elon’s behavior in the public sphere is a frequent source of distraction and embarrassment for us, particularly in recent weeks,” read the letter, which does not single out any controversy in particular. Reuters was provided a copy of the letter.

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“As our CEO and most prominent spokesperson, Elon is seen as the face of SpaceX – every tweet that Elon sends is a de facto public statement by the company,” the letter added.

SpaceX did not immediately respond to a request for comment.

The open letter, earlier reported by The Verge, was drafted by SpaceX employees in recent weeks and shared as an attachment in an internal “Morale Boosters” group chat, which contains thousands of employees, according to a person familiar with the matter.

It was not clear who authored the letter or how many employees were involved in its drafting.

In a list of three demands, the letter says “SpaceX must swiftly and explicitly separate itself from Elon’s personal brand.” It added: “Hold all leadership equally accountable to making SpaceX a great place to work for everyone” and “define and uniformly respond to all forms of unacceptable behavior.”

On Twitter, Musk denied and mocked the reported accusation that he sexually harassed a flight attendant on a private jet in 2016. Some of his tweets displayed the crude levity that embarrassed and had some SpaceX employees cringing, according to three people familiar with private discussions among staff.

“He often doesn’t realize how something he says could affect others,” one SpaceX employee said of Musk. “The letter is a collective ‘Hey! We’re getting some heat for things that are unrelated to us.'”

Many SpaceX employees are frustrated by Musk’s controversies, the SpaceX employee said, yet “remain as focused as ever and excited for the future.”

Musk, also the company’s chief engineer, has been viewed as a central figure in many of SpaceX’s high-profile successes, such as pioneering reuse of orbital rocket boosters and returning routine human spaceflight from U.S. soil after a nine-year hiatus.

Much of the company’s day-to-day business operations are led by SpaceX President Gwynne Shotwell. After past workplace dust-ups she has vowed to enforce SpaceX’s “zero tolerance” standards against employee harassment.

In a talk about leadership at Stanford University in May, Shotwell, asked how she manages crises, said “employees were screaming to hear from me” about the reported sexual harassment allegations about Musk and that she addressed their concerns in a company-wide email.

“I have to speak to my employees,” Shotwell said. “They’re the reason SpaceX is what it is, and I care deeply about them.”

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Reporting by Joey Roulette; Editing by David Gregorio

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Tesla to Cut 10% of Salaried Staff, Musk Tells Employees

Tesla’s chief executive, Elon Musk, plans to cut 10 percent of the electric carmaker’s salaried work force, he told staff in an email on Friday.

The job cuts will not apply to employees who build cars or batteries or who install solar panels, and the number of hourly employees will increase, Mr. Musk said in the email, a copy of which was reviewed by The New York Times. “Tesla will be reducing salaried head count by 10 percent, as we have become over staffed in many areas,” he said.

Reuters reported the news earlier, citing a different email that Mr. Musk sent only to Tesla executives. The automaker’s share price closed on Friday down about 9 percent after that article was published.

Tesla’s staff has grown substantially as sales have surged and it has built new factories, including two that opened this year near Berlin and Austin, Texas. The company employed more than 99,000 workers at the end of last year. Just two years earlier, Tesla had 48,000.

2017 and 2018.

In recent weeks, investors have begun questioning the company’s sky-high stock price. The market values the company at more than $728 billion, more than several other large automakers combined. Tesla’s shares are down about 40 percent from their high at the end of last year, bringing attention to the risks the company faces from growing competition, accusations of racial discrimination and production problems at its factory in Shanghai.

buy Twitter for roughly $44 billion. Here’s how the deal unfolded:

“From a corporate good-governance perspective, Tesla has a lot of red flags,” Andrew Poreda, a senior analyst who specializes in socially responsible investing at Sage Advisory Services, an investment firm in Austin, told The Times last month. “There are almost no checks and balances.”

Mr. Musk’s management style and success — he is listed as the world’s richest man by Bloomberg and Forbes — have earned him admirers but have made him a lightning rod. Tesla has lost a number of top executives in recent years, many of whom have gone on to top jobs at other automakers, tech companies and battery makers.

Recently, Mr. Musk praised the work ethic in China, where labor conditions can be harsh or even abusive, suggesting that workers in the United States were lazy. “They won’t just be burning the midnight oil. They’ll be burning the 3 a.m. oil,” he said about Chinese workers in an interview with The Financial Times. “So they won’t even leave the factory type of thing. Whereas in America, people are trying to avoid going to work at all.”

Still, some analysts remain bullish about Tesla’s prospects. “In our view, Tesla likely does not need to hire any more employees to maintain its growth, and we think the plan to reduce the work force likely shows that Tesla over hired last year,” Seth Goldstein, a senior equity analyst at Morningstar, said in a note on Friday.

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How Elon Musk Winged It With Twitter, and Everything Else

Kimbal Musk and Mr. Gracias, who left Tesla’s board last year and serves as a SpaceX director, declined to comment for this article.

Today, Mr. Musk oversees or is associated with at least a dozen companies, including public ones, private ones and holding companies such as Wyoming Steel, which he uses to manage real estate. His net worth stands at about $250 billion.

As Mr. Musk established more companies, he collected associates he could deploy across many of the endeavors.

One was Mary Beth Brown, who was hired in 2002 to essentially be Mr. Musk’s executive assistant. Known as M.B., she soon became a kind of chief of staff, handling media requests and some financial matters for SpaceX and Tesla, as well as helping to manage Mr. Musk’s personal life, said Ashlee Vance, the author of “Elon Musk: Tesla, SpaceX, and the Quest for a Fantastic Future.”

That same year, Mr. Musk hired Gwynne Shotwell as SpaceX’s seventh employee. As the rocket maker’s president and chief operating officer, Ms. Shotwell has overseen the company’s growth, becoming one of Mr. Musk’s longest-lasting employees.

At a conference in 2018, Ms. Shotwell explained how she managed Mr. Musk.

Credit…Patrick T. Fallon/Bloomberg

“When Elon says something, you have to pause and not immediately blurt out, ‘Well, that’s impossible,’ or, ‘There’s no way we’re going to do that. I don’t know how,’” she said. “So you zip it, and you think about it. And you find ways to get that done.”

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Elon Musk Agrees to Buy Twitter

Twitter, which went public in 2013, has also had a tumultuous corporate history. It has repeatedly dealt with board dysfunction and drama with its founders, and was courted by other interested buyers in the past, including Disney and Salesforce. In 2020, the activist investment firm Elliott Management took a stake in Twitter and called for Jack Dorsey, one of its founders, to resign as chief executive. Mr. Dorsey stepped down last year.

“This company is very much undermonetized, especially compared to other platforms and competitors like Facebook,” said Pinar Yildirim, a professor of marketing at the University of Pennsylvania Wharton School of Business. “If you look at it from a point of pure business value, there’s definitely room for improvement.”

In a statement, Bret Taylor, Twitter’s chairman, said that the board had “conducted a thoughtful and comprehensive process” on Mr. Musk’s bid and that the deal would “deliver a substantial cash premium” for shareholders.

Regulators are unlikely to seriously challenge the transaction, former antitrust officials said, since the government most commonly intervenes to stop a deal when a company is buying a competitor.

The deal came together in a matter of weeks. Mr. Musk, who also leads the electric carmaker Tesla and the rocket maker SpaceX, began buying shares of Twitter in January and disclosed this month that he had amassed a stake of more than 9 percent.

That immediately set off a guessing game over what Mr. Musk planned to do with the platform. Twitter’s executives initially welcomed him to the board of directors, but he reversed course within days and instead began a bid to buy the company outright.

Any agreement initially appeared unlikely because the entrepreneur did not say how he would finance the deal. Twitter’s executives appeared skeptical, too, given that it was difficult to discern how much Mr. Musk might be jesting. In 2018, for example, he tweeted that he planned to take Tesla private and inaccurately claimed that he had “funding secured” for such a deal.

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The Elusive Politics of Elon Musk

Mr. Musk has objected when politicians have tried to characterize his views as in sync with their own, insisting that he would rather leave politics to others, despite ample evidence on Twitter to the contrary. When Mr. Abbott last year defended a strict anti-abortion law that made the procedure virtually illegal in Texas by citing Mr. Musk’s support — “Elon consistently tells me that he likes the social policies in the state of Texas,” the governor said — Mr. Musk pushed back.

“In general, I believe government should rarely impose its will upon the people, and, when doing so, should aspire to maximize their cumulative happiness,” he responded on Twitter. “That said, I would prefer to stay out of politics.”

If that’s the case, he often can’t seem to help himself. He heckles political figures who have taken a position he disagrees with or who have seemingly slighted him. Mr. Musk’s response to Senator Elizabeth Warren after she said that he should pay more in income taxes was, “Please don’t call the manager on me, Senator Karen.”

After one of Mr. Musk’s Twitter fans pointed out that President Biden had not congratulated SpaceX for the successful completion of a private spaceflight last fall, Mr. Musk hit back with a jab reminiscent of Mr. Trump’s derisive nickname “Sleepy Joe.”

“He’s still sleeping,” he replied. Several days later, he criticized the Biden administration as “not the friendliest” and accused it of being controlled by labor unions. These comments came just a few weeks after his insistence that he preferred to stay out of politics.

Few issues have raised his ire as much as the coronavirus restrictions, which impeded Tesla’s manufacturing operations in California and nudged him closer to his decision last year to move the company’s headquarters to Texas. That move, however, was very much symbolic since Tesla still has its main manufacturing plant in the San Francisco Bay Area suburb of Fremont, Calif., and a large office in Palo Alto.

Over the course of the pandemic, Mr. Musk’s outbursts flared dramatically as he lashed out at state and local governments over stay-at-home orders. He initially defied local regulations that shut down his Tesla factory in Fremont. He described the lockdowns as “forcibly imprisoning people in their homes” and posted a libertarian-tinged rallying cry to Twitter: “FREE AMERICA NOW.” He threatened to sue Alameda County for the shutdowns before relenting.

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Twitter Counters Elon Musk’s Takeover Bid With a Poison Pill

Poison pills have been around for decades. The lawyer Martin Lipton, a founding partner of Wachtell, Lipton, Rosen & Katz, invented the maneuver, also called a shareholder rights plan, in 1982. It was a way to shore up a company’s defenses against unwanted takeovers by so-called corporate raiders like Carl Icahn and T. Boone Pickens.

They have since become a part of the corporate tool kit in America. Netflix adopted a poison pill in 2012 to stop Mr. Icahn from buying up its shares. Papa John’s used one against the pizza chain’s founder and chairman, John Schnatter, in 2018.

Investors rarely try to get around a poison pill by buying shares beyond the threshold set by the company, according to securities experts. One said it would be “financially ruinous,” even for Mr. Musk.

But Mr. Musk, who is worth more than $250 billion and is the chief executive of Tesla and SpaceX, rarely abides by precedent. He announced his intention to acquire Twitter on Thursday, making public an unsolicited bid worth more than $40 billion. In an interview at a TED conference later that day, he took issue with Twitter’s moderation policies, which govern the content shared on the platform.

Twitter is the “de facto town square,” Mr. Musk said, adding that “it’s really important that people have the reality and the perception that they are able to speak freely within the bounds of the law.” Twitter currently bans many types of content, including spam, threats of violence, the sharing of private information and coordinated disinformation campaigns.

Mr. Musk argued that taking Twitter private would allow more free speech to flow on the platform. “My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization,” he said during the TED interview. He also insisted that the algorithm Twitter uses to rank its content, deciding what hundreds of millions of users see on the service every day, should be public for users to audit.

Mr. Musk’s concerns are shared by many executives at Twitter, who have also pressed for more transparency about its algorithms. The company has published internal research about bias in its algorithms and funded an effort to create an open, transparent standard for social media services.

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Twitter Grapples With an Elon Musk Problem

SAN FRANCISCO — Bright and early on Monday, Elon Musk sent the government a surprising new document.

In it, the world’s wealthiest man laid out his possible intentions toward Twitter, in which he has amassed a 9.2 percent stake, underlining how drastically his position had changed from a week ago.

Mr. Musk could, if he chose, buy more shares of Twitter and increase his ownership of the company, according to the document, which was filed with the Securities and Exchange Commission. He could freely express his views about Twitter on social media or other channels, the document noted. And he reserved the right to “change his plans at any time, as he deems appropriate.”

It was a promise — or perhaps it was a threat. Either way, the filing encapsulated the treacherous situation that Twitter now finds itself in. Mr. Musk, 50, Twitter’s largest shareholder and one of its highest-profile users, could very well use the social media platform against itself and even buy enough shares to take over the company.

“Twitter has always suffered more than its fair share of dysfunction,” said Jason Goldman, who was on Twitter’s founding team and served on its board of directors in the past. “But at least we weren’t being actively trolled by prospective board members using the product we created.”

Twitter’s 11-person board and agreed to not own more than 14.9 percent of the company or take it over. Then on Sunday, Twitter abruptly said all of those bets were off and that Mr. Musk would not become a director.

What exactly went on between Mr. Musk, who has more than 81 million followers on Twitter, and the company’s executives and board members is unclear. But it leaves Twitter — which has survived founder infighting, boardroom revolts and outside shareholder ire — with an activist investor unlike any other.

Mr. Musk, who also leads the electric carmaker Tesla and the rocket company SpaceX, is known for being unpredictable and outspoken, often using Twitter to criticize, insult and troll others. By no longer joining the board, he liberated himself from corporate governance rules that would have required him to act in the best interests of the company and its shareholders.

Mr. Musk leaned into that freedom after his decision was communicated to the company on Saturday morning. He proclaimed on Twitter that he was in “goblin mode” and suggested changes such as removing the “w” from the company’s name to make it more vulgar and opening its San Francisco headquarters to shelter the homeless. He later deleted some of the posts.

“This is not typical activism or, frankly, anything like activism that we’ve seen before,” said Ele Klein, co-chair of the global Shareholder Activism Group at the law firm Schulte Roth & Zabel. “Elon Musk doesn’t do things that people have seen before.”

a post on Sunday. Twitter, which published a biography of Mr. Musk as a member of its board that was still visible late Sunday, declined to comment on Monday.

Credit…via Twitter

Mr. Musk has long shown significant disrespect for corporate governance rules. In 2018, he faced securities fraud charges after inaccurately tweeting that he had secured funding to take Tesla private. Mr. Musk later agreed to pay a $20 million fine to the S.E.C. and step aside as Tesla chairman for three years.

He also agreed to allow Tesla to review his public statements about the company. But in 2019, the S.E.C. asked a judge to hold him in contempt for violating the settlement terms by continuing to errantly tweet about Tesla.

Inside Twitter on Monday, employees were dismayed and concerned by Mr. Musk’s antics, according to half a dozen current and former workers, who were not authorized to speak publicly. After the billionaire suggested over the weekend that Twitter convert its headquarters into a homeless shelter because “no one shows up anyway,” employees questioned how Mr. Musk would know that given that he hadn’t visited the building in some time. They also pointed out that Mr. Musk, whose net worth has been pegged at more than $270 billion, could easily afford to help San Francisco’s homeless himself.

Elliott Management accumulated a 4 percent stake and used its position to press for changes, including an ouster of Jack Dorsey as chief executive and more aggressive financial growth. Mr. Dorsey stepped down in November.

Elliott’s approach followed the typical formula for activist investors: Acquire a significant stake in a company and then press for governance and strategy changes to drive up the stock price.

“Normally an activist is very clear in their intentions,” said Rich Greenfield, an analyst at LightShed Ventures, a venture capital investment fund. But “we don’t know what Elon Musk’s true motivation is. Is this Elon having fun? Is this Elon trying to effect change? Is this Elon trying to drive the stock higher?”

Twitter is particularly susceptible to activists, analysts said, because its founders did not structure the company’s shares in a way that gave themselves more control. The founders of Google and Facebook have maintained voting power over the shares, providing them with an outsize grip over the direction of their companies.

Natasha Lamb, a managing partner at Arjuna Capital, an activist investment firm that owns some Twitter stock, said Mr. Musk was taking a more casual approach than other activist investors.

“Musk is using Twitter to have his opinions heard, but it’s not a core activity,” she said. “It appears to be what he does for fun.”

What is fun for Mr. Musk may turn out to be less so for Twitter. The relief among Twitter employees that he was no longer joining the board was short-lived, the current and former employees said, when they realized that he was no longer bound by an agreement to not buy more stock or take over the company.

Mr. Musk could continue toying with Twitter, the current and former employees said they had realized. Several added that they were afraid of what might come next.

Lauren Hirsch contributed reporting.

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Ukrainian Minister Has Turned Digital Tools Into Modern Weapons of War

After war began last month, President Volodymyr Zelensky of Ukraine turned to Mykhailo Fedorov, a vice prime minister, for a key role.

Mr. Fedorov, 31, the youngest member of Mr. Zelensky’s cabinet, immediately took charge of a parallel prong of Ukraine’s defense against Russia. He began a campaign to rally support from multinational businesses to sunder Russia from the world economy and to cut off the country from the global internet, taking aim at everything from access to new iPhones and PlayStations to Western Union money transfers and PayPal.

To achieve Russia’s isolation, Mr. Fedorov, a former tech entrepreneur, used a mix of social media, cryptocurrencies and other digital tools. On Twitter and other social media, he pressured Apple, Google, Netflix, Intel, PayPal and others to stop doing business in Russia. He helped form a group of volunteer hackers to wreak havoc on Russian websites and online services. His ministry also set up a cryptocurrency fund that has raised more than $60 million for the Ukrainian military.

The work has made Mr. Fedorov one of Mr. Zelensky’s most visible lieutenants, deploying technology and finance as modern weapons of war. In effect, Mr. Fedorov is creating a new playbook for military conflicts that shows how an outgunned country can use the internet, crypto, digital activism and frequent posts on Twitter to help undercut a foreign aggressor.

McDonald’s have withdrawn from Russia, with the war’s human toll provoking horror and outrage. Economic sanctions by the United States, European Union and others have played a central role in isolating Russia.

Mr. Zelensky was elected in 2019, he appointed Mr. Fedorov, then 28, to be minister of digital transformation, putting him in charge of digitizing Ukrainian social services. Through a government app, people could pay speeding tickets or manage their taxes. Last year, Mr. Fedorov visited Silicon Valley to meet with leaders including Tim Cook, the chief executive of Apple.

Russia invaded Ukraine, Mr. Fedorov immediately pressured tech companies to pull out of Russia. He made the decision with Mr. Zelensky’s backing, he said, and the two men speak every day.

“I think this choice is as black and white as it ever gets,” Mr. Fedorov said. “It is time to take a side, either to take the side of peace or to take the side of terror and murder.”

On Feb. 25, he sent letters to Apple, Google and Netflix, asking them to restrict access to their services in Russia. Less than a week later, Apple stopped selling new iPhones and other products in Russia.

Russia damaged the country’s main telecommunications infrastructure. Two days after contacting Mr. Musk, a shipment of Starlink equipment arrived in Ukraine.

Since then, Mr. Fedorov said he has periodically exchanged text messages with Mr. Musk.

were put on pause following the invasion. Russia, a signatory to the accord, has tried to use final approval of the deal as leverage to soften sanctions imposed because of the war.

But while many companies have halted business in Russia, more could be done, he said. Apple and Google should pull their app stores from Russia and software made by companies like SAP was also being used by scores of Russian businesses, he has noted.

In many instances, the Russian government is cutting itself off from the world, including blocking access to Twitter and Facebook. On Friday, Russian regulators said they would also restrict access to Instagram and called Meta an “extremist” organization.

Some civil society groups have questioned whether Mr. Fedorov’s tactics could have unintended consequences. “Shutdowns can be used in tyranny, not in democracy,” the Internet Protection Society, an internet freedom group in Russia, said in a statement earlier this week. “Any sanctions that disrupt access of Russian people to information only strengthen Putin’s regime.”

Mr. Fedorov said it was the only way to jolt the Russian people into action. He praised the work of Ukraine-supporting hackers who have been coordinating loosely with Ukrainian government to hit Russian targets.

“After cruise missiles started flying over my house and over houses of many other Ukrainians, and also things started exploding, we decided to go into counter attack,” he said.

Mr. Fedorov’s work is an example of Ukraine’s whatever-it-takes attitude against a larger Russian army, said Max Chernikov, a software engineer who is supporting the volunteer group known as the IT Army of Ukraine.

“He acts like every Ukrainian — doing beyond his best,” he said.

Mr. Fedorov, who has a wife and young daughter, said he remained hopeful about the war’s outcome.

“The truth is on our side,” he added. “I’m sure we’re going to win.”

Daisuke Wakabayashi and Mike Isaac contributed reporting.

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Technology

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SpaceX founder and Tesla CEO Elon Musk speaks on a screen during the Mobile World Congress (MWC) in Barcelona, Spain, June 29, 2021. REUTERS/Nacho Doce/File Photo

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NEW DELHI, Nov 27 (Reuters) – The Indian government advised people against subscribing to

Starlink Internet Services, a division of billionaire Elon Musk’s SpaceX aerospace company, as it does not have a licence to operate in the country.

A government statement issued late on Friday said Starlink had been told to comply with regulations and refrain from “booking/rendering the satellite internet services in India with immediate effect”.

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Starlink registered its business in India on Nov.1. It has begun advertising, and according to the government, it has started pre-selling its service. read more

Responding to a Reuters email, Starlink said: “No comment for now”.

A growing number of companies are launching small satellites as part of a low-Earth orbiting network to provide low-latency broadband internet services around the world, with a particular focus on remote areas that terrestrial internet infrastructure struggles to reach. read more

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Reporting by Nidhi Verma; additional reporting by Aditi Shah, Editing by Simon Cameron-Moore

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