After a couple of years to forget, Boeing (BA), still can’t stay out of the headlines… for all the wrong reasons.
Just two weeks after Boeing’s 737 Max was cleared for takeoff in the U.S. for the first time in nearly two years after two fatal crashes had grounded the popular commercial jets, the company is dealing with yet another fateful accident.
On Saturday, a Boeing 737-500 passenger plane operated by Sriwijaya Air crashed into the sea off the coast of Indonesia after taking off from Jakarta. While the Sriwijaya Air plane was 26 years old, which is much older than Boeing’s notorious 737 MAX, it’s not a good look for a company many expected to rebound after a tumultuous year.
In fact, the crash comes just days after Boeing agreed to pay a $2.5 billion fine over fraud and conspiracy charges linked to its 737 MAX jet program.
Boeing, which saw shares plummet over 35% in 2020 due to ongoing legal issues pertaining to the 737 Max and a downtrodden airline industry, lost another 3% overnight, once trading began this week.