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Intel shares fall sharply; panic after Trump orders CEO to resign
Intel Stock Tumbles: Trump made this post after Senator Tom Cotton sent a letter to Intel Chairman Frank Yerry, expressing concern over CEO Lip-Boo Tan's investments and ties to semiconductor companies that are allegedly linked to the Chinese Communist Party and the People's Liberation Army.
The company's shares fell sharply on Thursday after President Donald Trump demanded the resignation of Intel's CEO in a post on social media. Shares of the California-based company fell 3%, while markets, especially the tech-dominated Nasdaq, rose. Trump wrote on Truth Social, 'Intel's CEO is very confused. He should resign immediately. There is no other solution to this problem. Thank you for paying attention to this problem!'
Trump posted this after Senator Tom Cotton wrote a letter to Intel Chairman Frank Yerry raising alarm about CEO Lip-Boo Tan's investments and connections with semiconductor firms reportedly connected with the Chinese Communist Party and People's Liberation Army. He asked the board if Tan had sold his interests in these companies to eliminate the conflict of interest.
Cotton specifically criticized Tan's recent leadership of Cadence Design Systems in the letter. The tech company admitted in July to selling its products to China's National University of Defense Technology in violation of US export controls.
