The Silicon Valley chipmaker’s journey from icon to a government project, with the sale of a 10 percent stake to the Trump administration, underlines how even the mightiest in tech can fall.
Intel agrees to give the US government a 10% stake in the company, announced by the White House and Donald Trump.
The Silicon Valley chipmaker Intel has sold a 10% stake to the Trump administration, marking a shift from tech icon to government project. President Trump's demand for government stakes in U.S. companies and a share of their revenue reflects a move towards state-managed capitalism. The deal with Intel was reached after negotiations with CEO Lip-Bu Tan and signals the administration's desire to exert control over American businesses.
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The president is demanding government stakes in U.S. companies and cuts of their revenue. Experts see some similarities to state-managed capitalism in other parts of the world.
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President Donald Trump said Friday that chipmaker Intel has agreed to give the United States government a 10% equity stake in the company, a historic government intervention. Trump said during a news conference that the deal came after negotiations with the CEO of Intel, Lip-Bu Tan. “I said, ‘I think it would be good having […]
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President Trump earlier said the company's CEO agreed to the deal in a recent meeting at the White House.
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The president's highly unusual announcement underscores the Trump administration's desire to take control over U.S. businesses.
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The president’s comments follow his calls for the resignation of Intel’s chief executive this month.
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President Trump said on Friday that the U.S. government is looking to take a 10% stake in struggling chipmaker Intel.