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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Boeing

One of the Most Famous Airplanes Ever May be Permanently Grounded

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Madeline Farber
Madeline Farber
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By
Madeline Farber
Madeline Farber
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July 28, 2016, 12:00 PM ET
Air Force One
Photograph by Erik Simonsen — Getty Images
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One of the world’s most iconic airplanes may be coming in for a permanent landing.

In a filing with the Securities and Exchange Commission Wednesday, Boeing said, “It is reasonably possible that we could decide to end production of the 747.”

Demand for the four-engine jumbo jet has been falling for years, and it’s now mainly used for cargo. Airlines have taken to more fuel-efficient twin-engine jets for passengers.

The news of a possible end for the 747 comes after Boeing announced in January that it was cutting production in half, taking a $569 million charge in the fourth quarter as it faced dwindling sales. The aircraft maker has said that the costs of making the wide-body plane outweighed its sales, resulting in an imbalance of about $1 billion.

In Wednesday’s filing with the SEC, Boeing (BA) said the production rate on the 747, which was at 1.5 per month in June 2015, has gradually dropped to 1 a month in July 2016.

 

The “Queen of the Skies” made its first flight in 1969. The U.S. President’s Air Force One is a variant of the 747. Despite falling sales, it was reported that the plane is being used to upgrade the U.S. Air Force One presidential fleet, but that will be a small number.

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