Trump says Intel CEO is ‘highly conflicted,' calls for resignation
On Thursday, Trump called for the immediate resignation of Intel Chief Executive Lip-Bu Tan, who took the helm in March to turn around the beleaguered chipmaker.
'The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!,' Trump wrote in a Truth Social post.
Trump didn't say what the conflicts were in his post, but his remarks came after Arkansas Republican Sen. Tom Cotton sent a letter to Intel's board, expressing national security concerns about Tan's reported ties to Chinese companies. Cotton cited a report from Reuters that said Tan has invested in more than 600 Chinese firms and some of them have links to the country's military.
Trump's calls for a resignation adds to a list of issues Intel already has to deal with.
The 57-year-old tech company, once the most valuable U.S. chipmaker, is trying to keep up as the race to dominate artificial intelligence escalates. The Santa Clara company has been losing money and seen its stock plunge while it falls behind rivals such as Nvidia and Advanced Micro Devices.
As of Thursday morning, Intel's share price was down 2% to $19.92. The company didn't immediately respond to a request for comment.
Trump said Wednesday during an event in which Apple announced an additional $100 billion investment in the United States that he plans to place a tariff on semiconductors but there won't be a charge for companies building in the United States.
While he praised companies like Apple and Nvidia, he also criticized Intel.
'Intel was just taken over the coals. They were taken to the cleaners, frankly, and moved to other places in particular Taiwan,' Trump said at the event.
Intel, known for making the 'brains' that power computers, has been investing heavily in its foundry business, taking on Taiwan Semiconductor Manufacturing Co., which makes chips for other companies such as Apple and Nvidia. During the Biden administration, the U.S. Department of Commerce awarded Intel roughly $8 billion to support manufacturing and advanced packaging projects in the United States.
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