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 publicly called for the cancellation of Boeing's Air Force One contract, citing "out of control" costs of over $4 billion, which led to a drop in Boeing's shares.
- Boeing clarified its current contract is for $170 million for planning, with the final project cost still undetermined, while the Air Force had budgeted $2.7 billion through 2021.
- After a conversation with Boeing's CEO, Trump softened his stance to negotiating the price down, but maintained the threat of canceling the order if an acceptable price could not be reached.
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