Intel backs down, "agrees" to sell 10% of shares to the U.S. government
United States - Intel Corporation, headquartered in Santa Clara, California, USA, has "agreed" to sell 10% of its shares to the U.S. government, according to a statement by President Trump.
U.S. President Trump said on Monday at the White House, "I think it's a very good deal for them." On August 7th, U.S. President Trump posted on the social platform Truth Social, naming the CEO of chip giant Intel (INTC), Lip-Bu Tan, to immediately resign, claiming he had "serious conflicts of interest," and emphasized that "there is no other solution." After the news was exposed, Intel's stock fell about 4% before the U.S. market opened.
Lip-Bu Tan took over as CEO of Intel this March. According to Reuters, U.S. Republican Senator Tom Cotton sent a letter to the chairman of the board earlier this week, questioning Lip-Bu Tan's relationship with Chinese enterprises and demanding that the Intel board explain its past investments in China's semiconductor industry and related enterprises with military backgrounds.
In the letter, U.S. Republican Senator Tom Cotton specifically mentioned that during his tenure as CEO of Cadence Design Systems (CDNS-US), the company sold hardware and software products to China's National University of Defense Technology, and admitted guilt in July this year for violating U.S. export control regulations. Cotton believes these records raise concerns for U.S. national security.
On August 19, U.S. Commerce Secretary Howard Lutnick stated that Intel must provide the company's equity to the U.S. government to obtain funding under the CHIPS Act.
Original: www.toutiao.com/article/1841202417664010/
Statement: This article represents the views of the author himself.