Shares of Boeing dropped nearly $2 on Tuesday after Donald Trump tweeted that its contract for two Air Force One jets should be canceled due to “out of control” costs.
Boeing CEO Phones Trump to Discuss Air Force One Contract
Key Takeaways:
- Donald Trump called for the cancellation of Boeing's Air Force One contract due to alleged "out of control" costs exceeding $4 billion, causing Boeing's shares to drop.
- Boeing clarified its current contract is for $170 million for planning, while the Air Force has budgeted $2.7 billion through 2021, with final project costs still undetermined.
- Following a call with Boeing's CEO, Trump indicated a willingness to negotiate the price down, threatening to cancel the order if a satisfactory agreement isn't reached.
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