US would be issuing an “emergency order to ground all Boeing 737 Max 8 and the 737 Max 9, and planes associated with that line,” announced President Donald Trump on Wednesday.
Following the Trump’s announcement FAA updated its statement saying “FAA is ordering the temporary grounding of Boeing 737 MAX aircraft operated by U.S. airlines or in U.S. territory. The agency made this decision as a result of the data gathering process and new evidence collected at the site and analyzed today. This evidence, together with newly refined satellite data available to FAA this morning, led to this decision?.
74 of the 376 MAX jets in operation are flown by U.S. carriers (Southwest Airlines and American Airlines)
The grounding of MAX, cost the Boeing share holders $26.6 billion in the first two trading days this week as shares sliding 11 percent from $422.54 Friday to $375.41 at Tuesday’s close.