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Trump says Intel has agreed to US stake

President Trump said Friday that Intel has agreed to give the U.S. government a 10 percent stake in the company.

© Chiang Ying-ying, Associated Press

“They’ve agreed to do it, and I think it’s a great deal for them,” Trump told reporters.

The administration has been weighing taking a stake in the struggling American chipmaker, pulling from previously allocated funding, Commerce Secretary Howard Lutnick confirmed earlier this week.

Trump offered some details Friday on how the agreement came about after he initially called on Intel CEO Lip-Bu Tan to resign earlier this month.

He pointed to concerns raised by Sen. Tom Cotton (R-Ark.) about Tan’s investments in Chinese companies and his previous role as CEO of Cadence Design Systems,

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