US government buys 10 percent stake in chipmaker Intel, President Trump announces

The US government has acquired a 10 percent share in chipmaker Intel. The CEO of the company and US President Donald Trump made this announcement on Friday. Actually, during the last Biden administration, huge financial assistance was announced to Intel. But President Trump disapproved of this deal and insisted on a share in Intel for financial assistance. Both have now agreed on this.

Intel said in a statement that under this agreement, the US government will get 433 million shares of common stock, which is equivalent to a 9.9 percent stake in the company. This is an investment of about $ 8.9 billion, a part of which will be given in the form of a grant of $ 5.7 billion, which will be given under the Chip and Science Act. This is a major law passed during the tenure of the Biden government, which Trump has criticized. Intel said that the remaining $ 3.2 billion will be given to the company under the Secure Enclave program.

The company further said that this investment of $ 8.9 billion will be separate from the grant of $ 2.2 billion already received by Intel. In this way, the total amount of this deal will be $ 11.1 billion. Trump wrote in a post shared on Truth Social, 'The United States now fully owns and controls 10% of Intel.' He claimed that the country did not pay anything for these shares after talks with Intel CEO Lip-Boo Tan.