Lockheed Martin shares fall after Trump tweets F-35 costs are 'out of control'


Donald Trump is too busy to hold a scheduled press conference, but was able to carve some time out Monday morning to tweet out criticism of Lockheed Martin, whose shares ended up closing down 2.5 percent.
Trump tweeted that "the F-35 program and cost is out of control. Billions of dollars can and will be saved on military (and other) purchases after January 20th." He did not elaborate on how this money will be conserved. Lockheed Martin said there are three variations of the F-35 set to replace older fighter jets used by the Air Force, Navy, and Marine Corps, and the program's general manager, Jeff Babione, told reporters Monday the company "understands the importance of affordability, and that's what the F-35 has been about."
In March, the Government Accountability Office reported that as of December 2014, the total cost for the F-35 program, including research, development, and construction, was almost $340 billion. Last week, not long after the Chicago Tribune posted a story about Boeing CEO Dennis Muilenburg encouraging Trump to stop making anti-trade comments, Trump tweeted a claim that Boeing was "building a brand new 747 Air Force One for future presidents, but costs are out of control, more than $4 billion. Cancel order!"
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
Hegseth reportedly shared war plans in 2nd group text
Speed Read The defense secretary sent information about an attack in Yemen to a Signal group chat that included his wife and brother
By Peter Weber, The Week US
-
Today's political cartoons - April 21, 2025
Cartoons Monday's cartoons - Ice, egg prices, and more
By The Week US
-
Pope Francis dies at 88
Speed Read 'How much contempt is stirred up at times toward the vulnerable, the marginalized and migrants,' Pope Francis wrote in his final living message
By Peter Weber, The Week US
-
Markets notch worst quarter in years as new tariffs loom
Speed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
By Peter Weber, The Week US
-
Tesla Cybertrucks recalled over dislodging panels
Speed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
By Justin Klawans, The Week US
-
Crafting emporium Joann is going out of business
Speed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
By Peter Weber, The Week US
-
Trump's China tariffs start after Canada, Mexico pauses
Speed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
By Peter Weber, The Week US
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
By Peter Weber, The Week US
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US