Update (0822ET):

Delta Air Lines CEO Ed Bastian announced on Wednesday that the global IT outage sparked by CrowdStrike cost the airline $500 million. 

Bastian told CNBC's "Squawk Box" on Wednesday that the carrier would seek damages from the disruptions, adding, "We have no choice."

"If you're going to be having access, priority access to the Delta ecosystem in terms of technology, you've got to test the stuff you got. You can't come into a mission critical 24/7 operation and tell us we have a bug," Bastian said.

Bastian added, "We have to protect our shareholders. We have to protect our customers, our employees, for the damage, not just to the cost of it, but to the brand, the reputational damage and the physical channel."

The faulty update from CrowdStrike led the airline to cancel more than 4,000 flights earlier this month. 

On Monday evening, CNBC's Phil Lebeau reported that Delta hired top attorney David Boies to sue CrowdStrike and Microsoft for damages. 

Shares of CrowdStrike have plunged 40% in recent weeks and have retraced 50% of the move from about $100 handle in early 2023 to nearly $400 at the start of July. 

Earlier this week, CNBC's Jim Cramer tried to call a bottom...

As we previously noted, Delta will likely initiate the wave of lawsuits against CrowdStrike by companies that lost millions of dollars during the global IT outage.