US Acquires 10 Percent of Intel for Free
(MENAFN) President Donald Trump has announced that the United States “now fully owns and controls 10% of INTEL” without any payment, following a Friday revelation that the tech firm consented to surrender that portion of its holdings.
Speaking at a press briefing at the White House, Trump stated that Intel's Chief Executive Officer, Lip-Bu Tan, had consented to transfer the stake to the U.S. government.
Later, through the Truth social platform, Trump reiterated that the nation “paid nothing” for the shares, which are now estimated to be worth nearly $11 billion.
"This is a great Deal for America and, also, a great Deal for INTEL," Trump remarked. "Building leading edge Semiconductors and Chips, which is what INTEL does, is fundamental to the future of our Nation."
On August 12, Trump and Tan held a meeting at the White House after the President urged Tan to "immediately" step down due to supposed associations with Chinese firms that may have military affiliations.
Following the meeting, Trump described Tan's "success and rise" as "an amazing story" and called it "a very interesting one."
On Friday, Trump added: "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."
Additionally, SoftBank of Japan made a $2 billion purchase of Intel stock this week.
After Trump’s remarks, Intel's stock climbed 5.5% by 21:14 GMT.
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