President-elect Donald Trump tweeted Tuesday morning that the US should cancel an order for a new Air Force One plane that would cost billions of dollars, prompting Boeing shares to slightly dip in morning trading.
“Boeing is building a brand new 747 Air Force One for future presidents, but costs are out of control, more than $4 billion,” Trump tweeted. “Cancel order!”
At the close of the market on Monday, Boeing stock was at $152.16. The stock slipped in pre-market trading after Trump’s tweet. The stock then continued to dip in early trading, falling 0.9% to $150.90.
Boeing did not immediately have a response to Trump’s tweet which he addressed in Trump Tower in New York on Tuesday.
“The plane is totally out of control,” the president-elect told reporters. “It’s going to be over $4 billion … 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.”
Trump on Boeing/Air Force One tweet: “The plane is totally out of control…we want Boeing to make a lot of money, but not that much money” pic.twitter.com/OnEuw8hfUM
— CNBC Now (@CNBCnow) December 6, 2016
The current Air Force One plane has flown more than a million miles and is due for an upgrade.
Boeing has supplied airplanes to the Air Force One fleet for nearly 50 years. The two new planes that will make up the Air Force One fleet will be more powerful and more technologically advanced than the current fleet, according to The New York Times.
The Air Force expects the planes to cost $102 million in the coming fiscal year and $3 billion over the next five years, according to the Times.
The current Air Force One planes have been in commission since 1990.