Shares of Intel dropped more than 3% Thursday after President Donald Trump demanded the immediate resignation of the chipmaker’s CEO.

Claiming that there is “no other solution to this problem,” Trump said Lip-Bu Tan is “highly conflicted” in an early-morning post on Truth Social. Though the president didn’t elaborate on his reasoning, Reuters has previously reported that Tan, either directly or through venture funds, has invested at least $200 million in Chinese manufacturing and chip companies.

Intel shares dropped as much as 3.5% before recovering some of those losses. Tan caught the ire of Trump one day after Sen. Tom Cotton, a Republican from Arkansas, called Tan’s ties to Chinese firms “concerning” and questioned the potential impact on U.S. national security in a letter he sent to

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