[Featured Stock] Defense Stocks Weaken Following Musk's Criticism of Defense Budget
In the domestic stock market, defense industry-related stocks such as LIG Nex1, Hyundai Rotem, and Hanwha Aerospace are all falling simultaneously. It appears that the remarks made by Elon Musk, CEO of Tesla, who was nominated as the co-head of the newly established Department of Government Efficiency (DOGE) in the next administration, are influencing the stock prices. Musk stated that "manned fighter jets should be largely replaced by unmanned drones, and the defense budget should also be drastically reduced."
As of 9:15 a.m. on the 26th, LIG Nex1 is trading at 206,000 won, down 7.62% from the previous trading day. Hyundai Rotem and Hanwha Aerospace are also recording declines in the 5-6% range.
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Musk posted a message criticizing the Ministry of Defense's budget waste on the Department of Government Efficiency X account. Musk pointed out that "there are still idiots making manned fighter jets like the F-35." If the second Trump administration moves to cut the defense budget, it is expected to affect allies such as South Korea and Japan as well.
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