President-elect Donald Trump has again taken to Twitter, this time targeting a weapons program considered the most expensive in the Defense Department’s history.
On Monday morning, Trump tweeted that the cost of the F-35 Joint Strike Fighter was “out of control,” implying he’d save billions in “military (and other) purchases” after taking office next month.
In the tweet’s initial aftermath, shares of Lockheed Martin, which is building the jet, dropped by 4 percent and other defense contractors associated with the $1 trillion project also took a hit, Reuters reports.
This tweet exemplifies the volatile impact that Trump has, and will continue to have, on the market. Shares of Lockheed Martin, the creator of the next-gen military jet, dropped 4% soon after the tweet. Multiple other defense contractors associated with the project also took losses. The fact that the president-elect can so swiftly stir market fluctuation is acutely alarming. Yes, the fact that Trump dealt Lockheed some much deserved accountability (costs ballooned to nearly $400 billion, nearly twice the original estimate)* was nice to see. However, I hope the president-elect curtails his use of the social media platform. The lines between business & politics are muddy enough. Presidential tweets influencing global equity markets is the GTA plotline that America does not need right now.