Intel CEO Lip-Bu Tan announced the sale of 10 % of its shares to the US government, representing an investment of $8.9 billion.

Last week, President Donald Trump stated at a press conference that Intel, the semiconductor manufacturer, should pay the government 10 % of its company. Regarding the chip specialist’s agreement, the Republican said it was a positive step for Intel.

“Under the agreement, the government will receive 433.3 million shares of common stock, representing a 9.9 % stake in the company,” Intel said in a statement.

This represents an $8.9 billion investment, funded in part by $5.7 billion in grants awarded but not yet paid under the CHIPS Act,” which was passed during Joe Biden’s administration and is intended to “encourage the establishment of the entire chip and semiconductor value chain in the country.”

Although the US now controls 10 % of Intel, the company indicated in a statement that the government investment will be “passive ownership, without representation on the board of directors or other governance and information rights.”

M.Pino

Source: RFI

(Reference image source: BoliviaInteligente on Unsplash)

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