The Danger of a Social Media President: President-Elect’s Inaccurate Tweet Behind Boeing’s Stock Drop?
President Elect Trump again put his fingers to work and tweeted his disgust over the price of the new Air Force One.
“Boeing is building a brand new 747 Air Force One for future presidents,” he tweeted. “But costs are out of control, more than $4 billion. Cancel order!”
It’s important to remember to not take social media…or even perhaps an incoming president who built his campaign on being a “smart businessman” as the authority on all issues.
Unfortunately, not everyone takes the time to fact check.
As soon as PEOTUS Trump’s tweet hit the feed, Boeing’s stock began dropping, only to rally after the company and the White House responded to clarify Boeing’s dealings with the Air Force.
In 2016, Boeing signed a $170 million contract to design a replacement for two older 747-200B Air Force Ones.
The cost of the planes has not been set and it’s Congress who has the final say over how much should be spent on them.
Furthermore, the actual planes have not yet been ordered as the budget has not been set so PEOTUS Trump can’t actually cancel an order that hasn’t been made yet.
Another factor that weighs into this is Boeing recently announced they may be halting production on the 747 aircraft due to a lack of demand.
The company says the new Air Force One will be a 747-8 and the Pentagon announced in 2015 the plane would be a militarized version of it.
In case you’re wondering, the jets on Air Force One planes have on average a lifespan of about 30 years so an upgrade is in the works, if not for Trump but for future presidents.
The new plane, if produced, isn’t expected to be in the air until 2022, but Trump says it’s still too much to ask.
“Well the plane is totally out of control,” President-Elect Trump said to reporters outside of Trump Tower on Tuesday. “It’s going to be over $4 billion for the Air Force One program. And I think it’s ridiculous. I think Boeing is doing a little bit of a number. We want Boeing to make a lot of money, but not that much money.”
Boeing has provided the plane used by every president since Franklin Roosevelt.
Company officials responded to Trump’s tweet by saying they look forward to working with the Air Force and providing the best planes for the president at the best value for the American taxpayer.