U.S. Lands 10 Percent Stake in Intel at No Cost
(MENAFN) President Donald Trump announced Friday that the United States “now fully owns and controls 10% of INTEL” at no cost, following Intel’s agreement to transfer the stake.
At a White House news conference, Trump revealed that Intel CEO Lip-Bu Tan agreed to hand over the shares to the US government. Trump later clarified on his Truth social media platform that the US paid nothing for the shares, which currently hold an estimated value of $11 billion.
"This is a great Deal for America and, also, a great Deal for INTEL," Trump stated. "Building leading edge Semiconductors and Chips, which is what INTEL does, is fundamental to the future of our Nation."
The announcement follows a meeting between Trump and Tan at the White House on August 12, after Trump demanded Tan "immediately" resign due to alleged ties with Chinese companies linked to military operations.
Trump described Tan’s career trajectory as “an amazing story,” calling their encounter “a very interesting one.”
On Friday, Trump reiterated about Tan: "That's right, he should resign. And he came in, he saw me, (and) we talked for a while. I liked him a lot. I thought he was very good."
In related developments, Japan’s SoftBank acquired $2 billion in Intel shares this week.
Intel’s stock responded positively, climbing 5.5% by 2114 GMT following the US stake acquisition announcement.
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