An Ex-Boeing test pilot has been indicted for fraud in the ongoing 737 MAX probe
Boeing’s former 737 MAX test pilot, Mark Forkner has been indicted for fraud for allegedly misleading regulators about problems tied to the aircraft’s two fatal crashes.
The ex-chief technical pilot is the first Boeing employee to be charged over the 737 Max’s failures.
In October 2019, pilots struggled to regain control of the MAX and it plunged into the Java Sea off the coast of Indonesia.
Five months later, another MAX crashed near in Ethiopia just six minutes after takeoff, killing all on board and forcing regulators around the globe to ground the plane.
346 people perished in both accidents
Investigators found that both crashes were tied to the Maneuvering Characteristics Augmentation System, or MCAS, software, which had been designed to help stabilize the jet after heavier, repositioned engines placed on the aircraft caused the plane’s nose to point too far upward in certain circumstances.
In both crashes, incorrect data from a faulty sensor caused the MCAS to misfire, forcing the planes to nose down repeatedly.
The MCAS system was not mentioned in the pilot manual which allowed pilots to enter the MAX cockpit without simulator training that would have cost the airlines more money.
Internal messages that surfaced in October of 2019 between Forkner and another Boeing pilot appeared to show the company had been aware about the problems with the MCAS system in 2016 – two years before the crashes.
Meta’s holiday-quarter forecast beats expectations as AI tools drive growth
Meta Platforms, parent company of Facebook, has forecast holiday-quarter revenue that surpasses market expectations, anticipating a surge in ad spending as the year ends.
The projection comes as Meta’s AI-driven advertising tools and short-form video feature Reels have spurred revenue growth this year.
Meta’s shares dipped 2.5% in after-hours trading, despite a third-quarter profit of $6.03 per share—well above analysts’ forecast of $5.25.
Analysts expect digital ads to have a “blockbuster” year in 2024, helped by improved economic forecasts and steady consumer spending.
Meta, heavily reliant on advertising revenue, stands to benefit from increased holiday marketing as it eyes revenues of $45 to $48 billion this quarter.
Despite layoffs, Nadella’s pay jumps 63% amid company growth
Microsoft’s CEO, Satya Nadella, saw a significant 63% pay raise this year, with his total compensation rising to $71 million, up from $48.5 million in 2023. This comes even as Microsoft laid off 2,500 employees, including job cuts in its gaming division, following its $69 billion acquisition of Activision Blizzard.
While concerns were raised in Congress over cybersecurity breaches, Microsoft’s stock still rose by over 16% this year, benefiting investors, although it lags behind the broader S&P 500. Investors are now eagerly awaiting the company’s earnings report next week.