Did Elon Musk Just Say "Checkmate" to Boeing?
- by The Motley Fool
- Jun 27, 2024
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Price as of June 27, 2024, 11:19 a.m. ET
Boeing has gotten off to a rough start in 2024, and Elon Musk has something to say about it.
The stock market has gotten off to a great start in the first half of 2024. The S&P 500 has gained 14.3% while the Nasdaq Composite is up 17.6% so far this year.
One stock that hasn't done so well is Boeing 2.57%
). Shares of Boeing have cratered over 33%, as the aerospace company has been at the center of numerous controversies surrounding safety protocols in its jetliners as well as a management shakeup.
In the midst of all the hoopla, outspoken entrepreneur Elon Musk may have dealt yet another blow to Boeing. Let's dive into how Musk is disrupting the aerospace industry, and determine if Boeing is turning into a falling knife.
Boeing's latest problem is downright scary
Boeing is an enormous and complex company. You're probably most familiar with Boeing due to its enormous commercial airliner business. The company competes fiercely with Airbus, and its 737 commercial jet is one of the best-selling planes in the world.
Outside of commercial planes, Boeing also has a big presence in the defense industry. The company manufactures spacecraft, satellites, missile systems, and more.
Earlier this month, NASA worked with Boeing to launch one of its Starliner spacecrafts into orbit. Shortly after the launch, engineers discovered that the Starliner capsule had a series of helium leaks.
This news would be bad enough considering Starliner's launch efforts have been deterred for many years due to challenges with fuel and oxygen valves. However, to make matters worse for Boeing, the current Starliner mission was crewed by two astronauts who are now stuck in outer space on the International Space Station (ISS).
According to various news outlets, Starliner only has about 45 days worth of fuel, which adds to the enormous pressure to bring these astronauts safely back to Earth.
Image source: Getty Images.
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