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- 😬 Boeing is in major trouble... and deservedly so.
😬 Boeing is in major trouble... and deservedly so.
PLUS: Why does Trump care if TikTok gets banned? Elon Musk partners with U.S. Gov't
Steven Van & Jacob Goldschein
March 17, 2024 • Estimated Reading Time: 10 minutes
This week’s market performance 👀
S&P 500: +0.10% 📉
Nasdaq: -0.49% 📉
Dow 30: +0.12% 📈
Russell 2000: -1.75% 📉
TOP STORY
✈️ A timeline of Boeing’s turbulent and disastrous airplane fleet
📸 the-sun.com
Since the beginning of the year, no company has been more scrutinized than Boeing, and deservedly so.
Let’s start this story in December 2023: Boeing urges airlines to inspect 737 Max jets for potential loose hardware.
🚪 January 2024: The infamous door plug blowout
January 5: An Alaska Airlines Boeing 737 MAX 9 loses its door mid-flight.
January 6: The FAA temporarily grounds all Boeing 737 MAX 9 planes in U.S. territory, and passengers file lawsuits against Boeing and Alaska Airlines.
🤔 February 2024: Boeing finds some answers
February 5: Boeing announces rework of 50 undelivered 737 MAX jets due to mis-drilled holes.
February 15: Federal watchdog indicates missing bolts likely contributed to the door plug blowout.
February 20-25: Boeing finally replaces the head of its 737 MAX program; three more passengers file a lawsuit seeking $1 billion in damages.
1️⃣ John Barnett worked at Boeing for 32 years, retiring in 2017, and was a quality manager at the North Charleston plant, which produced the now infamous 787 Dreamliner.
In 2019, Barnett told the BBC he found serious issues with the Dreamliner's oxygen systems and claimed that substandard parts were used to avoid delays.
He believed the rush to build new aircraft compromised safety. But despite raising concerns to his managers, no action was taken.
Now we know that Barnett was clearly correct in his assessment.
🫢 March 2024: Boeing Whistleblower dies
March 9: John Barnett, a Boeing whistleblower, is found dead from an apparent self-inflicted gunshot wound.
March 10: NTSB reveals Boeing erased security camera footage of repair work on the door plug malfunction from January, crazy.
March 12: FAA's audit of Boeing's 737 MAX production line unveils even more production process issues.
2️⃣ Boeing ($BA) stock is down -27.50% in 2024.
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SOCIAL MEDIA
🤯 The looming TikTok ban and what it could mean for Meta
📸 Axios.com
Over the past few years, the U.S. has tried everything in its power to ban TikTok.
Under both the Trump and Biden administrations, the U.S. government has expressed concerns about TikTok's Chinese ownership, fearing that ByteDance, TikTok's parent company, could share private user data with the Chinese government.
And... a few days ago, the House of Representatives passed a bill that might actually ban TikTok in the U.S.
The bill aims to prohibit TikTok from the App Store unless it separates from ByteDance.
U.S. lawmakers believe ByteDance poses a serious security risk and want to reduce China's control over the app.
1️⃣ If this bill officially goes through… ByteDance would have 5 months to sell TikTok or risk being banned from the App Store.
After the bill calling for the forced sale or ban of TikTok passed through the House with a significant majority, it went to the Senate, which is taking much longer for approval.
The senators who support the ban are concerned that this slower pace might allow TikTok's lobbying efforts to weaken support for the bill.
Despite the sluggish Senate, most people believe that cutting TikTok off from China is a good thing, but apparently, Donald Trump is no longer one of them.
Trump recently raised concerns that banning TikTok would inadvertently benefit Meta, as it would eliminate a major competitor in the social media space.
Trump, who views Meta as an “enemy of the people,” believes its growth, especially without TikTok, could be detrimental.
This could all very much be true.
But, considering that Trump has his own social media platform, “Truth Social,” his motives might not be entirely truthful.
Either way, there is still a long way to go before any of this becomes a reality.
1️⃣ Donald Trump launched the “TRUTH” social media app on October, 2021.
2️⃣ Truth Social is looking to merge with Digital World Acquisition Corp ($DWAC), a “special-purpose acquisition company” or “SPAC,” but is facing some setbacks.
3️⃣ Digital World Acquisition Corp ($DWAC) is up 123.38% this year.
4️⃣ Meta ($META) is up 39.80% this year.
This week’s sector performance 🏆️
Semiconductors ($SOXX): -2.29% 📉
Bonds ($TLT): -3.14% 📉
Technology ($QQQ): -0.76% 📉
Dividends ($SCHD): +0.13% 📈
Emerging Markets ($EEM): -0.34% 📉
Energy ($XLE): +3.97% 📈
Financials ($XLF): +3.82% 📈
Gold ($GLD): +0.72% 📈
Industrials ($VPU): -0.43% 📉
Cybersecurity ($CIBR): -1.54% 📉
SPACE EXPLORATION
🛰️ SpaceX’s “Starshield” unit is building spy satellites for the U.S. government
📸 pcmag.com
We just found out that SpaceX's Starshield unit is building "hundreds" of spy satellites after securing a classified contract with the US National Reconnaissance Office (NRO).
It was reported in February that this contract is worth a whopping $1.8B, which is a pretty nice incentive for one of Elon Musk’s many side projects.
What for? The main goal of the satellite network is to help the US military quickly identify targets anywhere in the world.
This new network is expected to greatly improve US intelligence, surveillance, and reconnaissance capabilities, making it the most advanced space-based system ever seen.
Starshield will be owned and controlled by the US government and the Department of Defense's Space Force.
No, it's not Steve Carell’s "Space Force," but it's still pretty cool stuff.
1️⃣ Earlier this week, SpaceX's Starship, the world's biggest rocket, achieved orbital velocity for the first time ever.
Here’s what else you may have missed…
💰️ Apple ($AAPL) bought an AI startup, DarwinAI, to bolster its AI division.
❌ Elon Musk ($TSLA) canceled Don Lemon's show on X after hating their interview.
🧑⚖️ Apple ($AAPL) is paying a $490M settlement after Tim Cook defrauded shareholders.
📉 Dollar Tree ($DLTR) is closing around 1000 stores after a terrible 2023.
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