President Donald Trump said on Friday the U.S. would take a 10% stake in Intel under a deal with the struggling chipmaker and is planning more such moves, the latest extraordinary intervention by the White House in corporate America.

An official announcement on the arrangement is expected later in the day, a source familiar with the matter said. Trump is set to meet with CEO Lip-Bu Tan later on Friday, a White House official confirmed.

The development follows a meeting between Tan and Trump earlier this month that was sparked by Trump’s demand for the Intel chief’s resignation over his ties to Chinese firms.

“He walked in wanting to keep his job and he ended up giving us $10 billion for the United States. So we picked up $10 billion,” Trump said on Friday.

While Trump did not provide d

See Full Page