Boeing lays off 17,000 amid safety concerns and strikes

Boeing Co. is facing significant challenges in the United States, as the company announced plans to lay off 17,000 employees, which constitutes about 10% of its workforce. This decision comes amid ongoing safety issues, including the grounding of its 737 Max planes following a mid-flight incident and the company's admission of guilt in crashes that resulted in over 300 fatalities. Additionally, Boeing's Starliner spacecraft encountered technical issues, leading to its return from the International Space Station without astronauts. The layoffs, disclosed by CEO Kelly Ortberg, are intended to align with Boeing's financial reality and future recovery plans. The company has also faced labor strikes, with nearly 33,000 factory workers on strike since mid-September, further complicating its operational landscape. The delivery of the first 777X airplane has been postponed to 2026, reflecting the broader struggles Boeing is experiencing in the aerospace market. Jim Cramer expressed his concerns about Boeing's financial health, emphasizing the need for the company to have raised capital when it had the opportunity. He described the recent news as a 'very jarring series' and expressed skepticism about Boeing's ability to navigate its current challenges effectively.