Amazon Pursues Globalstar for Low Earth Orbit Satellite Network

Amazon's pursuit of Globalstar has sent shockwaves through the tech world after Financial Times reported that the online retailer is in talks to acquire the company. The move aims to accelerate Amazon's push into low Earth orbit with its own network of internet satellites, rivaling Elon Musk's Starlink.

The two companies are reportedly negotiating over deal complexities after lengthy talks, but no final agreement has been reached yet. A deal would also require Amazon to engage with Apple, given that the iPhone maker owns a 20% stake in Globalstar.

Globalstar has drawn interest from other suitors as well, including SpaceX, which held early talks with the company last year. The satellite operator's shares soared 20% after hours on Wednesday following the news.