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Economic Times
13 minutes ago
- Economic Times
Intel CEO's ‘amazing story' has helped make him a billionaire
Agencies Days after calling for the firing of Intel's CEO, President Donald Trump changed his mind following a 'very interesting' meeting with the executive. 'His success and rise is an amazing story,' Trump wrote in a Truth Social post on Monday. It's a story that's also made Lip-Bu Tan amazingly rich. The 65-year-old technology and venture capital industry veteran has amassed a fortune worth at least $1.1 billion, according to the Bloomberg Billionaires Index, which is calculating Tan's net worth for the first time. The bulk of his fortune stems from Cadence Design Systems Inc., a maker of chip design tools where Tan was chief executive officer for 12 years before joining Intel. He has sold shares worth more than $575 million in the San Jose, California-based company, and still holds a $500 million position, according to Bloomberg's calculations. A Bloomberg report late Thursday afternoon saying the Trump administration is in talks with Intel to have the US government potentially take a stake in the Silicon Valley chipmaker sent the company's shares up 7.4% in New York. The stock gained 15% since Tan's appointment as CEO in March, boosting the value of his stake to more than $29 million. It was Tan's tenure at Cadence, along with his other role as executive chairman of venture firm Walden International, that initially drew criticism from Washington. Trump ally and Republican Senator Tom Cotton sent a letter to Intel's board chair earlier this month questioning Tan's ties to China and his history at Cadence, which sold products to a Chinese military university. A day later, the president posted that Tan was 'highly CONFLICTED and must resign, immediately.' Tan called the claims 'misinformation' in a letter to employees. But his record of investing in China and the riches it has brought him had already cast a shadow over his work. In July, Cadence pleaded guilty to violating US export controls during Tan's tenure and took a $140.6 million charge related to settling the cases. Earlier, in 2023, the US government had sent Tan a letter asking Walden to explain its investments after the San Francisco-based firm had invested in more than 100 Chinese companies.'I want to be absolutely clear: Over 40+ years in the industry, I've built relationships around the world and across our diverse ecosystem – and I have always operated within the highest legal and ethical standards,' Tan wrote in response to the allegations.A spokesperson for Santa Clara, California-based Intel declined to comment. 'Sunset' industry A naturalised US citizen, Tan was born in Malaysia in 1959, the youngest of five children. His father was editor-in-chief of a Malaysian newspaper, while his mother was a professor in Singapore. After graduating with a degree in physics from Nanyang Technical University, he earned a Masters in nuclear engineering from Massachusetts Institute of Technology and an MBA from the University of San Francisco. His move to Silicon Valley brought him into the venture capital world. He met the founding partner of Walden Capital and proposed raising an international fund for them, offering to do so without being paid a salary, according to an oral history of his life from a 2018 interview at the Computer History Museum. The first fund of $3.3 million was partially seeded with the help of his father-in-law and his father's friends in Malaysia. Tan's technical background led him to concentrate on semiconductors at a time when it was seen as a 'sunset' industry. His investors questioned the strategy, wondering why he would invest in an area US firms had largely abandoned, he said in the 2018 interview. 'Now they're starting to recognize my strategy worked.'Walden International went on to invest $5 billion in more than 600 companies across 12 countries, many of them niche semiconductor firms. For a decade and a half, he served on the board of Semiconductor Manufacturing International Corp., now China's leading chipmaker. Since joining Intel as CEO in March, Tan has accelerated his divestments in Chinese technology companies. But he remains executive chairman of Walden International and also invests through Walden Catalyst Ventures, a venture arm focused on startups in the US, Europe and Israel. Through Sakarya Ltd., a Hong Kong-based firm wholly owned by Tan, and various Walden International entities, he has invested in at least 165 Chinese firms and startups, according to Chinese company data provider estimate of Tan's fortune doesn't include Walden International as his personal involvement in the group's entities isn't disclosed. Little sleep During his time as Cadence's CEO from 2009 to 2021, the stock increased more than 4,000%. Tan sold in excess of $575 million of shares through the end of 2023, when he last reported sales. His disclosed ownership at the time of 1.5 million shares, or around 0.53% of the company, is worth about $500 million today. While running Cadence, he also kept his full-time position at Walden, acknowledging in the 2018 interview that he was someone who only needed four or five hours of sleep a night. He saw the roles as synergistic, with the tech investments helping to inform Cadence's direction at the time. 'I think it kind of goes hand in hand, helping the industry, and also, it's good for me for education,' he said. 'I never stop learning.'Tan stepped down as Cadence's CEO in 2021, taking on the role of executive chairman for next two years. He also joined Intel's board, though left in August 2024 after disagreements over the company's strategy and direction, according to published reports. He was named CEO in March, charged with reviving the chipmaker, which has struggled recently as computing migrated to smartphones and AI grew in who has since rejoined Intel's board, owns roughly 1.2 million shares of Intel, with about 99% acquired after agreeing to become CEO, according to an offer letter from Intel. His pay package includes a salary of $1 million, plus a 200% performance-based bonus and $66 million in long-term equity awards and stock options, the company said in a filing. 'The United States has been my home for more than 40 years,' Tan wrote in the letter to employees following Trump's call for his resignation. 'I love this country and am profoundly grateful for the opportunities it has given me.' Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Tariffs, tantrums, and tech: How Trump's trade drama is keeping Indian IT on tenterhooks How IDBI banker landed plush Delhi properties in Amtek's INR33k crore skimming Good, bad, ugly: How will higher ethanol in petrol play out for you? As big fat Indian wedding slims to budget, Manyavar loses lustre Regulatory gray area makes investing in LVMH, BP tough For Indian retail Logistics sector: Be tactical in the face of head & tailwinds; 6 logistics stocks with an upside potential of over 30% Just hold a good business for the long term, irrespective of the noise; ignore the cap. 13 stocks with an upside potential of up to 51% Stock picks of the week: 5 stocks with consistent score improvement and return potential of more than 25% in 1 year
Time of India
13 minutes ago
- Time of India
Intel CEO's ‘amazing story' has helped make him a billionaire
Academy Empower your mind, elevate your skills Days after calling for the firing of Intel 's CEO, President Donald Trump changed his mind following a 'very interesting' meeting with the executive. 'His success and rise is an amazing story,' Trump wrote in a Truth Social post on a story that's also made Lip-Bu Tan amazingly 65-year-old technology and venture capital industry veteran has amassed a fortune worth at least $1.1 billion, according to the Bloomberg Billionaires Index, which is calculating Tan's net worth for the first bulk of his fortune stems from Cadence Design Systems Inc., a maker of chip design tools where Tan was chief executive officer for 12 years before joining Intel. He has sold shares worth more than $575 million in the San Jose, California-based company, and still holds a $500 million position, according to Bloomberg's calculations.A Bloomberg report late Thursday afternoon saying the Trump administration is in talks with Intel to have the US government potentially take a stake in the Silicon Valley chipmaker sent the company's shares up 7.4% in New York. The stock gained 15% since Tan's appointment as CEO in March, boosting the value of his stake to more than $29 was Tan's tenure at Cadence, along with his other role as executive chairman of venture firm Walden International , that initially drew criticism from Washington. Trump ally and Republican Senator Tom Cotton sent a letter to Intel's board chair earlier this month questioning Tan's ties to China and his history at Cadence, which sold products to a Chinese military university. A day later, the president posted that Tan was 'highly CONFLICTED and must resign, immediately.'Tan called the claims 'misinformation' in a letter to employees. But his record of investing in China and the riches it has brought him had already cast a shadow over his July, Cadence pleaded guilty to violating US export controls during Tan's tenure and took a $140.6 million charge related to settling the cases. Earlier, in 2023, the US government had sent Tan a letter asking Walden to explain its investments after the San Francisco-based firm had invested in more than 100 Chinese companies.'I want to be absolutely clear: Over 40+ years in the industry, I've built relationships around the world and across our diverse ecosystem – and I have always operated within the highest legal and ethical standards,' Tan wrote in response to the allegations.A spokesperson for Santa Clara, California-based Intel declined to comment.A naturalised US citizen, Tan was born in Malaysia in 1959, the youngest of five children. His father was editor-in-chief of a Malaysian newspaper, while his mother was a professor in Singapore. After graduating with a degree in physics from Nanyang Technical University, he earned a Masters in nuclear engineering from Massachusetts Institute of Technology and an MBA from the University of San move to Silicon Valley brought him into the venture capital world. He met the founding partner of Walden Capital and proposed raising an international fund for them, offering to do so without being paid a salary, according to an oral history of his life from a 2018 interview at the Computer History Museum. The first fund of $3.3 million was partially seeded with the help of his father-in-law and his father's friends in technical background led him to concentrate on semiconductors at a time when it was seen as a 'sunset' industry. His investors questioned the strategy, wondering why he would invest in an area US firms had largely abandoned, he said in the 2018 interview. 'Now they're starting to recognize my strategy worked.'Walden International went on to invest $5 billion in more than 600 companies across 12 countries, many of them niche semiconductor firms. For a decade and a half, he served on the board of Semiconductor Manufacturing International Corp., now China's leading joining Intel as CEO in March, Tan has accelerated his divestments in Chinese technology companies. But he remains executive chairman of Walden International and also invests through Walden Catalyst Ventures, a venture arm focused on startups in the US, Europe and Sakarya Ltd., a Hong Kong-based firm wholly owned by Tan, and various Walden International entities, he has invested in at least 165 Chinese firms and startups, according to Chinese company data provider estimate of Tan's fortune doesn't include Walden International as his personal involvement in the group's entities isn't his time as Cadence's CEO from 2009 to 2021, the stock increased more than 4,000%. Tan sold in excess of $575 million of shares through the end of 2023, when he last reported sales. His disclosed ownership at the time of 1.5 million shares, or around 0.53% of the company, is worth about $500 million running Cadence, he also kept his full-time position at Walden, acknowledging in the 2018 interview that he was someone who only needed four or five hours of sleep a night. He saw the roles as synergistic, with the tech investments helping to inform Cadence's direction at the time.'I think it kind of goes hand in hand, helping the industry, and also, it's good for me for education,' he said. 'I never stop learning.'Tan stepped down as Cadence's CEO in 2021, taking on the role of executive chairman for next two years. He also joined Intel's board, though left in August 2024 after disagreements over the company's strategy and direction, according to published reports. He was named CEO in March, charged with reviving the chipmaker, which has struggled recently as computing migrated to smartphones and AI grew in who has since rejoined Intel's board, owns roughly 1.2 million shares of Intel, with about 99% acquired after agreeing to become CEO, according to an offer letter from Intel. His pay package includes a salary of $1 million, plus a 200% performance-based bonus and $66 million in long-term equity awards and stock options, the company said in a filing.'The United States has been my home for more than 40 years,' Tan wrote in the letter to employees following Trump's call for his resignation. 'I love this country and am profoundly grateful for the opportunities it has given me.'
NDTV
29 minutes ago
- NDTV
Paris Startup Lets Strangers Party At Your Wedding To Cover Costs
A wedding is one of the biggest milestones in a person's life, and though it is a memorable day, it comes at a cost that is too expensive for the majority. Now, a Paris-based startup has come up with an idea that may help couples manage their wedding finances. By selling tickets to weddings to strangers, the startup claims to help pay for the cost of the festivities. In return, the paying ticket-holders, who may not otherwise be invited to many weddings, could mingle with other guests and enjoy somebody's happy day. The idea for the startup came to Katia Lekarski, founder of Invitin, earlier this year while she was renting her home in south-eastern France to guests attending a wedding. Seeing the wedding guests, her daughter innocuously asked: "Why aren't we invited to weddings?" Ms Lekarski, a former fashion model who previously ran an online platform selling and distributing interior design goods for children, said the question from her daughter got her thinking. "I thought: what if we could pay for tickets to a wedding and help the couple getting married in that way?" she was quoted as saying by The Guardian. Strangers at wedding Now, Invitin lists several couples selling wedding tickets for Rs 15,353 (150 euros) to Rs 40,941 (400 euros) each, and plenty of eager guests are willing to pay. "I thought selling tickets to your wedding to strangers sounded interesting. I don't have a big family, so I don't get to go to lots of weddings. It's great to experience a wedding and different traditions, even if it's strangers. I'm keen to check out the decoration and music, and we'll be partying on the dancefloor," said Ms Lekarski. Jennifer, 48, and her partner, Paulo, 50, decided to avail Invitin's services as they planned their wedding. While 95 family members and friends will be attending the wedding, five paying strangers who have bought tickets will also come to witness the union." Both Jennifer and Paolo vetted the profiles of the strangers before giving them the nod to attend the wedding. "It's not only about the money, which is a drop on a hot stone in terms of the overall wedding cost. Although it will help a bit in terms of the cost of things like decoration and the dress. It's also because we thought it could be fun and we're extrovert and open to sharing things," said Jennifer.
