Lockheed Martin shares plummeted on Monday morning after President-elect Donald Trump took to his Twitter and said the cost of the company’s F-35 program was “out of control.”
In early market trading, shares of Lockheed fell more than 4%, with its market value dropping $4 billion.
Trump’s full tweet read, “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.”
Bill Phelps, a Lockheed Martin spokesman, said the company has invested large sums of money to reduce the cost of the F-35 stealth fighter program by 60 percent.
Disclaimer: We have no position in Lockheed Martin Corporation (NYSE: LMT) and have not been compensated for this article.