New York (CNN) — The United States government is making an $8.9 billion investment in Intel common stock, giving the Trump administration a roughly 10% stake in the struggling chipmaker, Intel and the president announced on Friday.

“It is my Great Honor to report that the United States of America now fully owns and controls 10% of INTEL, a Great American Company that has an even more incredible future,” Trump wrote in a Truth Social post on Friday.

The announcement came after Trump said earlier in the Oval Office on Friday that the CEO of Intel had agreed to such a deal, adding that he hopes to strike similar deals with other companies in the future.

“I said, I think you should pay us 10% of your company,” Trump said of his conversations with Intel CEO Lip-Bu Tan. “And they said yes.

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