US President Donald Trump said that the US now owns 10% of the Intel technology corporation.
“I am honored to announce that the US now owns and controls 10% of Intel, a great American company with an even brighter future“, the head of state wrote in Truth Social.
Trump noted that he “negotiated this deal“ with Intel CEO Lip-Bu Tan (Chinese name - Chen Liu). “The US paid nothing for these shares, which are now worth approximately $11 billion. This is a great deal for America and a great deal for Intel“, the US president emphasized. “The advanced semiconductor and chip manufacturing that Intel does is essential to the future of our country.“
On August 7, Trump called for Lip-Bu Tan's resignation, saying, without elaborating, that he “has a serious conflict of interest“. According to US media, Trump's call came after Republican Senator Tom Cotton, who chairs the Senate Intelligence Committee, raised concerns about the company's security and Lip-Bu Tan's alleged ties to China in a letter to Intel management. On August 11, the US leader wrote on Truth Social that he had “a very interesting meeting“ with Intel CEO.
Lip-Bu Tan previously invested in Chinese companies through his American fund, and before joining Intel, he headed the California-based company Cadence Design Systems, which in late July admitted to violating export controls by supplying semiconductor development equipment and software to a Chinese military university. In response to the criticism, Intel CEO said he fully shared Trump's commitment to ensuring US national interests and economic security. He also noted that "a lot of misinformation" had been spread around his professional career.