Trump says Intel has agreed to give US government a 10% stake
Unprecedented deal comes after president demanded CEO Lip-Bu Tan to resign over his ties to Chinese firms
The US government has taken an unprecedented 10% stake in Intel under a deal with the struggling chipmaker and is planning more such moves, according to Donald Trump and the commerce secretary, Howard Lutnick, the latest extraordinary intervention by the White House in corporate America.Lutnick wrote on X: “BIG NEWS: The United States of America now owns 10% of Intel, one of our great American technology companies. Thanks to Intel CEO @LipBuTan1 for striking a deal that’s fair to Intel and fair to the American People.”
Trump met with Lip-Bu Tan on Friday and posed for a photo with Lutnick. The development follows a meeting between Tan and Trump earlier this month that was sparked by the US president’s demand for the Intel chief’s resignation over his ties to Chinese firms.“He walked in wanting to keep his job and he ended up giving us $10bn for the United States. So we picked up $10bn,” Trump said on Friday.
While Trump did not provide detail on the $10bn, the equity stake is about equal to the amount Intel is set to receive in grants from the government under the Chips and Science Act to help fund the building of chip plants in the US.
Unprecedented deal comes after president demanded CEO Lip-Bu Tan to resign over his ties to Chinese firms
The US government has taken an unprecedented 10% stake in Intel under a deal with the struggling chipmaker and is planning more such moves, according to Donald Trump and the commerce secretary, Howard Lutnick, the latest extraordinary intervention by the White House in corporate America.Lutnick wrote on X: “BIG NEWS: The United States of America now owns 10% of Intel, one of our great American technology companies. Thanks to Intel CEO @LipBuTan1 for striking a deal that’s fair to Intel and fair to the American People.”
Trump met with Lip-Bu Tan on Friday and posed for a photo with Lutnick. The development follows a meeting between Tan and Trump earlier this month that was sparked by the US president’s demand for the Intel chief’s resignation over his ties to Chinese firms.“He walked in wanting to keep his job and he ended up giving us $10bn for the United States. So we picked up $10bn,” Trump said on Friday.
While Trump did not provide detail on the $10bn, the equity stake is about equal to the amount Intel is set to receive in grants from the government under the Chips and Science Act to help fund the building of chip plants in the US.
