Newsmax Will Pay Dominion Voting Systems $67 Million—Settlement For 2020 Election Fraud Case
News anchors work at Newsmax's booth during the second day of the 2024 Republican National Convention at the Fiserv Forum in Milwaukee, Wisconsin on July 16, 2024. AFP via Getty Images
Newsmax said it will pay $67 million to Dominion Voting Systems in installments over the next three years—far lower than the $1.6 billion the voting machine company sought in damages when it initially sued Newsmax in 2021.
Dominion sued Newsmax alleging the right-wing news network pushed claims tying the company's voting machines to election fraud despite knowing those claims were false, one of a number of lawsuits brought by Dominion and rival voting company Smartmatic following the 2020 election.
The case had been set to go to trial, with the Delaware judge overseeing the case finding in April that Newsmax made false claims about Dominion and broadcast information about the voting company that 'would likely cause reasonable viewers to think significantly less favorably about Dominion than if the viewers knew the truth.'
Newsmax said Monday it still denies its reporting was defamatory, claiming its reporting was 'fair' and 'balanced' and the network 'believed it was critically important for the American people to hear both sides of the election disputes that arose in 2020.'
The network decided to settle the case because it determined the court overseeing the case 'would not provide a fair trial wherein the company could present standard libel defenses to a jury,' Newsmax claimed Monday.
The settlement comes after Newsmax also settled Smartmatic's case against the news network in September 2024 for an undisclosed amount.
More than $800 million. That's how much Dominion has won as a result of settlements in its defamation cases, including the voting company's $787.5 million settlement with Fox News. News Peg
News of the multimillion-dollar settlement came hours after President Donald Trump continued to assert claims about voting machines being tied to election fraud, despite those claims repeatedly proven as false. The president claimed on Truth Social on Monday he would 'lead a movement' against mail-in ballots and some voting machines, which he claimed without evidence are 'Highly 'Inaccurate,' Very Expensive, and Seriously Controversial.' Court filings in Special Counsel Jack Smith's prosecution against Trump for trying to overturn the 2020 election—which has now been dropped—previously suggested Trump privately does not believe the fraud claims regarding voting machines. The president allegedly 'mocked' claims made by attorney Sidney Powell tying voting machines to fraud, Smith claimed, with Trump likening the fraud claims to 'Star Trek.' Forbes Trump Announces 'Movement' Against Mail-In Ballots 'Scam' By Sara Dorn Forbes Smartmatic Settles With Newsmax: Here's Where It And Dominion's Other Lawsuits Stand By Alison Durkee
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Email: newsroomau@ You can also follow us on Facebook, Instagram, TikTok, Twitter and YouTube. We bring you an update now from WA's premier, who has said the baby found dead in a stormwater drain could have been there for two weeks before the body was spotted. The horrifying discovery of the infant was made in Alexander Heights in Perth's north on Monday afternoon. "The mother of that child must be incredibly distressed," WA Premier Roger Cook told reporters on Tuesday. Police say they are seriously concerned about the mother's health and welfare, and stressed it was a priority to identify and locate her. It is understood tradies found the body while cleaning the drain on Monday, in what Mr Cook described as a "horrifying scenario". "Those workers that discovered the child's body were confronted with the most distressing of circumstances," he said. "My heart goes out to everyone involved in this horrible, horrible series of events. 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What is the productivity roundtable and why does it matter? You will have heard plenty about productivity and the government's roundtable to help fix what it says is a deep-rooted problem spanning several decades. But what exactly is the issue and what will the three-day meet help to do? AAP has broken all that down for you below. What is the Economic Reform Roundtable? A three-day event aimed at lifting living standards primarily by boosting productivity, which has stagnated in Australia and other western countries Prime Minister Anthony Albanese has promised it will deliver long-lasting change to the government's economic agenda What is Productivity? It's about squeezing more from less, allowing wages to grow and helps build things better and faster, such as homes and clean energy infrastructure Why is it important? Productivity has been in decline since 2016, according to the Australian Bureau of Statistics Treasurer Jim Chalmers has said the roundtable will make the economy more productive over time, helping to lift living standards and make people better off The summit follows the Reserve Bank Of Australia downgrading productivity growth from one per cent to 0.7 per cent Ideas on the agenda Documents leaked before the summit suggest the government will consider cutting red tape to boost housing supply The Productivity Commission is calling for reduced regulation for artificial intelligence, while unions are calling for greater protections of workers from the risks of AI Proposals for tax reform, including calls from Independent MP Kate Chaney to increase Goods and Service Tax to 15 per cent A push from the Australian Council of Trade Unions for a four-day working week. What are some concerns? Leaked Treasury advice raised concerns that the outcomes of the roundtable have already been pre-determined The government has already ruled out large changes to tax like negative gearing. Shadow treasurer Ted O'Brien warned the summit would be a "privileged talkfest" without the chance of meaningful outcome Who is on the guest list? About 30 participants including leading economists, employers, business groups, unions and civil society representatives Prominent names include Reserve Bank governor Michele Bullock, Productivity Commission chair Danielle Wood, economist and policy adviser Ken Henry, independent MP Allegra Spender and NSW Treasurer Daniel Mookhey Some of the sectors represented include banking, universities, mining and superannuation The summit will run from August 19 to 21 at Parliament House in Canberra You will have heard plenty about productivity and the government's roundtable to help fix what it says is a deep-rooted problem spanning several decades. But what exactly is the issue and what will the three-day meet help to do? AAP has broken all that down for you below. What is the Economic Reform Roundtable? A three-day event aimed at lifting living standards primarily by boosting productivity, which has stagnated in Australia and other western countries Prime Minister Anthony Albanese has promised it will deliver long-lasting change to the government's economic agenda What is Productivity? It's about squeezing more from less, allowing wages to grow and helps build things better and faster, such as homes and clean energy infrastructure Why is it important? Productivity has been in decline since 2016, according to the Australian Bureau of Statistics Treasurer Jim Chalmers has said the roundtable will make the economy more productive over time, helping to lift living standards and make people better off The summit follows the Reserve Bank Of Australia downgrading productivity growth from one per cent to 0.7 per cent Ideas on the agenda Documents leaked before the summit suggest the government will consider cutting red tape to boost housing supply The Productivity Commission is calling for reduced regulation for artificial intelligence, while unions are calling for greater protections of workers from the risks of AI Proposals for tax reform, including calls from Independent MP Kate Chaney to increase Goods and Service Tax to 15 per cent A push from the Australian Council of Trade Unions for a four-day working week. What are some concerns? Leaked Treasury advice raised concerns that the outcomes of the roundtable have already been pre-determined The government has already ruled out large changes to tax like negative gearing. Shadow treasurer Ted O'Brien warned the summit would be a "privileged talkfest" without the chance of meaningful outcome Who is on the guest list? About 30 participants including leading economists, employers, business groups, unions and civil society representatives Prominent names include Reserve Bank governor Michele Bullock, Productivity Commission chair Danielle Wood, economist and policy adviser Ken Henry, independent MP Allegra Spender and NSW Treasurer Daniel Mookhey Some of the sectors represented include banking, universities, mining and superannuation The summit will run from August 19 to 21 at Parliament House in Canberra One year anniversary of coffee attack that shocked Australia nears The mother of the baby who made global headlines a year ago when a stranger threw hot coffee in his face is pleading with authorities to not let the man allegedly behind the attack escape accountability. Luka, nine months old at the time, had the hot drink thrown in his face in a Brisbane park on August 27 last year. The alleged offender fled Australia to China and no significant updates on investigations has been provided by police. Luka's mother has since taken to social media to say she does not want to wait another year for justice. "He's received synthetic skin grafts, skin needling, and laser treatments for his burns," she wrote, according to the ABC. "Every procedure is a painful reminder of what was done to him — and of the justice that still hasn't come." Queensland Police told the ABC it is committed to securing justice for the family however criminal lawyer Glen Cranny SC told the public broadcaster without a reciprocal extradition agreement, it would be difficult to achieve. The mother of the baby who made global headlines a year ago when a stranger threw hot coffee in his face is pleading with authorities to not let the man allegedly behind the attack escape accountability. Luka, nine months old at the time, had the hot drink thrown in his face in a Brisbane park on August 27 last year. The alleged offender fled Australia to China and no significant updates on investigations has been provided by police. Luka's mother has since taken to social media to say she does not want to wait another year for justice. "He's received synthetic skin grafts, skin needling, and laser treatments for his burns," she wrote, according to the ABC. "Every procedure is a painful reminder of what was done to him — and of the justice that still hasn't come." Queensland Police told the ABC it is committed to securing justice for the family however criminal lawyer Glen Cranny SC told the public broadcaster without a reciprocal extradition agreement, it would be difficult to achieve. Two children inside home where woman found dead A woman has been found dead at a home in regional Victoria, where two children were inside at the time. Police were called to Christie Ave in Cobram - about 260km north of Melbourne - at about 5am on Tuesday. The body of a 32-year-old woman was found inside. Two young children - both unharmed - were also inside the home. A 45-year-old man, who police say was known to the woman, has been arrested. 'Detectives from the Homicide Squad are headed to the scene and will interview the man in relation to the woman's death,' a Victoria Police spokesperson said. Anyone with information is urged to contact Crime Stoppers. - NewsWire A woman has been found dead at a home in regional Victoria, where two children were inside at the time. Police were called to Christie Ave in Cobram - about 260km north of Melbourne - at about 5am on Tuesday. The body of a 32-year-old woman was found inside. Two young children - both unharmed - were also inside the home. A 45-year-old man, who police say was known to the woman, has been arrested. 'Detectives from the Homicide Squad are headed to the scene and will interview the man in relation to the woman's death,' a Victoria Police spokesperson said. Anyone with information is urged to contact Crime Stoppers. - NewsWire New wall along footpath causing drama on the Gold Coast Construction in the front yard of a property on one of the Gold Coast's most exclusive streets is causing quite a stir – but council says the owners have done nothing wrong. The property on Hedges Avenue, which runs along the coastline in Mermaid Beach, has undergone extensive changes recently and developers have opted to build a wall right up to its boundary. But that has severely restricted access for pedestrians, and with added fencing while construction occurs, it has forced people into the road. Councillor Nick Marshall ordered an investigation after receiving multiple complaints from the community but it turns out the owners are well within their rights. 'Neither the builder or the owner have actually done anything wrong because the boundary line for the property is just 80cm off the road and, at some point, the road was widened and the path crossed into the boundaries,' he said, the Gold Coat Bulletin reported. Construction in the front yard of a property on one of the Gold Coast's most exclusive streets is causing quite a stir – but council says the owners have done nothing wrong. The property on Hedges Avenue, which runs along the coastline in Mermaid Beach, has undergone extensive changes recently and developers have opted to build a wall right up to its boundary. But that has severely restricted access for pedestrians, and with added fencing while construction occurs, it has forced people into the road. Councillor Nick Marshall ordered an investigation after receiving multiple complaints from the community but it turns out the owners are well within their rights. 'Neither the builder or the owner have actually done anything wrong because the boundary line for the property is just 80cm off the road and, at some point, the road was widened and the path crossed into the boundaries,' he said, the Gold Coat Bulletin reported. Grim rain record broken for Sydney Well those in Sydney won't be too surprised to learn that its been the wettest August in 27 years. And while it's been a miserable few years in terms of rain, the past six-year period has actually broken an unwanted record. Analysis from the ABC's meteorologist Tom Saunders shows that the period from January 2020 to now is the wettest six-year stretch seen since records began at Sydney's Observatory Hill in 1858 – and there's still four months to go. Saunders says there has been stronger and more frequent winds from the east, bringing more moisture in from the Tasman Sea, and said it could lead to Sydney and other parts of the east coast shifting to wetter climates over time. Well those in Sydney won't be too surprised to learn that its been the wettest August in 27 years. And while it's been a miserable few years in terms of rain, the past six-year period has actually broken an unwanted record. Analysis from the ABC's meteorologist Tom Saunders shows that the period from January 2020 to now is the wettest six-year stretch seen since records began at Sydney's Observatory Hill in 1858 – and there's still four months to go. Saunders says there has been stronger and more frequent winds from the east, bringing more moisture in from the Tasman Sea, and said it could lead to Sydney and other parts of the east coast shifting to wetter climates over time. Flybuys rolls out checkout savings at Bunnings Those with a Flybuys account will be pleased to learn they can now opt to use their points at the checkout in Bunnings. "Whether it's potting mix, power tools, or prepping for a weekend DIY project, members can unlock value when they shop in-store, with every 2,000 points equivalent to $10 off, applied directly at the checkout," Bunnings and Flybuys announced on Tuesday. The option will commence today across Australia following a successful trial in WA, and mirrors a system successfully rolled out by Coles previously. Those with a Flybuys account will be pleased to learn they can now opt to use their points at the checkout in Bunnings. "Whether it's potting mix, power tools, or prepping for a weekend DIY project, members can unlock value when they shop in-store, with every 2,000 points equivalent to $10 off, applied directly at the checkout," Bunnings and Flybuys announced on Tuesday. The option will commence today across Australia following a successful trial in WA, and mirrors a system successfully rolled out by Coles previously. Tragic details after baby found in drain Police have launched a major investigation after a baby's body was discovered inside a stormwater drain in Perth's northern suburbs. Tradesmen cleaning the drains on La Salle Road made the tragic discovery in Alexander Heights at about 1pm on Monday. The baby was 'just days old' and found wrapped in a sheet, The West Australian has reported. A police spokesman said multiple resources had been sent to the location as authorities investigate the circumstances surrounding the incident. It is understood ambulance crews were initially called but were stood down. Police also issued an emergency alert on Monday evening to all Perth maternity hospitals with concerns for the welfare of the mother. Detectives remained at the scene late on Monday, after police spent the afternoon doorknocking nearby residents. It has been reported a large portion of the road remained blocked off to the public well into Monday evening. - NewsWire Police have launched a major investigation after a baby's body was discovered inside a stormwater drain in Perth's northern suburbs. Tradesmen cleaning the drains on La Salle Road made the tragic discovery in Alexander Heights at about 1pm on Monday. The baby was 'just days old' and found wrapped in a sheet, The West Australian has reported. A police spokesman said multiple resources had been sent to the location as authorities investigate the circumstances surrounding the incident. It is understood ambulance crews were initially called but were stood down. Police also issued an emergency alert on Monday evening to all Perth maternity hospitals with concerns for the welfare of the mother. Detectives remained at the scene late on Monday, after police spent the afternoon doorknocking nearby residents. It has been reported a large portion of the road remained blocked off to the public well into Monday evening. - NewsWire Australia slams Israel's 'unjustified' visa move Foreign Minister Penny Wong has slammed Israel's decision to revoke visas for Australian representatives to the Palestinian Authority as 'unjustified'. Her counterpart in Israel, Gideon Sa'ar, announced the move overnight in response to Australia cancelling a visa for a far-right Israeli MP. It is the heaviest blow to the bilateral relationship, which has been severely strained by the Albanese government's opposition to large-scale civilian suffering in Gaza. 'At a time when dialogue and diplomacy are needed more than ever, the Netanyahu Government is isolating Israel and undermining international efforts towards peace and a two-state solution,' Senator Wong said in a statement. 'This is an unjustified reaction, following Australia's decision to recognise Palestine. 'We will continue to work with partners as we contribute international momentum to a two-state solution, a ceasefire in Gaza and release of the hostages.' Read more from NewsWire here. Foreign Minister Penny Wong has slammed Israel's decision to revoke visas for Australian representatives to the Palestinian Authority as 'unjustified'. Her counterpart in Israel, Gideon Sa'ar, announced the move overnight in response to Australia cancelling a visa for a far-right Israeli MP. It is the heaviest blow to the bilateral relationship, which has been severely strained by the Albanese government's opposition to large-scale civilian suffering in Gaza. 'At a time when dialogue and diplomacy are needed more than ever, the Netanyahu Government is isolating Israel and undermining international efforts towards peace and a two-state solution,' Senator Wong said in a statement. 'This is an unjustified reaction, following Australia's decision to recognise Palestine. 'We will continue to work with partners as we contribute international momentum to a two-state solution, a ceasefire in Gaza and release of the hostages.' Read more from NewsWire here. Trump laughs at Zelensky's suit joke Donald Trump couldn't help but laugh. Ukrainian President Volodymyr Zelensky, who of course is a former comedian, took control in the White House on Monday (local time), just months after a difficult encounter with Trump where he was heavily criticised in front of the cameras. One of Trump's qualms that time was Zelensky's attire. His olive green military-style outfit was called out by suit-wearing Trump, and some reporters in the room appeared to share the opinion a more formal outfit was needed. Zelenskiy's garb at that February meeting featured in a disastrous session with Trump in which the two leaders bickered and the Ukrainian president was escorted out of the White House early, without lunch. On Monday, backed by European allies, Zelensky showed up for his talks with Trump wearing more formal attire, with Trump visibly impressed. A reporter who had asked Zelensky in February why he was not wearing a suit complimented the Ukrainian leader on the attire he chose for his latest visit. "You look fabulous in that suit," the reporter said. Trump chimed in: "I said the same thing". Clearly far more comfortable with proceedings, he managed to get a cheeky last response to the journalist. "You're wearing the same suit," he told the reporter, drawing laughter from the room. "I changed." You can watch the moment below. Donald Trump couldn't help but laugh. Ukrainian President Volodymyr Zelensky, who of course is a former comedian, took control in the White House on Monday (local time), just months after a difficult encounter with Trump where he was heavily criticised in front of the cameras. One of Trump's qualms that time was Zelensky's attire. His olive green military-style outfit was called out by suit-wearing Trump, and some reporters in the room appeared to share the opinion a more formal outfit was needed. Zelenskiy's garb at that February meeting featured in a disastrous session with Trump in which the two leaders bickered and the Ukrainian president was escorted out of the White House early, without lunch. On Monday, backed by European allies, Zelensky showed up for his talks with Trump wearing more formal attire, with Trump visibly impressed. A reporter who had asked Zelensky in February why he was not wearing a suit complimented the Ukrainian leader on the attire he chose for his latest visit. "You look fabulous in that suit," the reporter said. Trump chimed in: "I said the same thing". Clearly far more comfortable with proceedings, he managed to get a cheeky last response to the journalist. "You're wearing the same suit," he told the reporter, drawing laughter from the room. "I changed." You can watch the moment below. Children targeted in e-bike crackdown Children are the target of Queensland Police's latest e-bike crackdown as momentum to get to grips with their illegal use continues to grow nationally. Police in Brisbane have launched Operation X-ray Stamp this month to target the illegal and dangerous use of e-scooters and e-bikes along the city's popular Kedron Brook Bikeway. "With many offences involving children, the operation strongly focuses on educating both children and their parents about their responsibilities and the consequences of allowing their child's illegal use of these devices," Queensland Police said on Tuesday. 'The main issues we see with e-scooters and e-bikes include unlicensed driving of unregistered vehicles, speeding, dangerous driving such as swerving in and out of pedestrians, and illegal modifications," Senior Sergeant Saskia Toohey said. 'Our focus is on education and engagement, but the QPS will take enforcement action, including issuing fines or confiscating non-compliant devices, if necessary, to stop unsafe behaviour." So with the latest effort to get to grips with the issue, we're asking you if you think authorities are doing enough when it comes to the illegal use of e-transport. Have your say below. Children are the target of Queensland Police's latest e-bike crackdown as momentum to get to grips with their illegal use continues to grow nationally. Police in Brisbane have launched Operation X-ray Stamp this month to target the illegal and dangerous use of e-scooters and e-bikes along the city's popular Kedron Brook Bikeway. "With many offences involving children, the operation strongly focuses on educating both children and their parents about their responsibilities and the consequences of allowing their child's illegal use of these devices," Queensland Police said on Tuesday. 'The main issues we see with e-scooters and e-bikes include unlicensed driving of unregistered vehicles, speeding, dangerous driving such as swerving in and out of pedestrians, and illegal modifications," Senior Sergeant Saskia Toohey said. 'Our focus is on education and engagement, but the QPS will take enforcement action, including issuing fines or confiscating non-compliant devices, if necessary, to stop unsafe behaviour." So with the latest effort to get to grips with the issue, we're asking you if you think authorities are doing enough when it comes to the illegal use of e-transport. Have your say below. Trump makes big promise to Ukraine Donald Trump has told President Volodymyr Zelensky the US would help guarantee Ukraine's security in any deal to end Russia's war there, though the extent of any assistance was not immediately clear. Trump made the pledge during an extraordinary summit at the White House, where he hosted Zelensky and a group of European allies days after Trump met with Russian President Vladimir Putin in Alaska and months after a disastrous Oval Office meeting that saw Trump and Vice President JD Vance publicly criticise the Ukrainian leader. A peace deal appeared far from imminent, however. Just before the talks began, Russia's Foreign Ministry ruled out the deployment of troops from NATO countries to help secure a peace deal, adding complications to Trump's offer. Both Trump and Zelenskiy said they hoped Monday's gathering would eventually lead to three-way talks with Putin. The Kremlin has not yet publicly accepted such a meeting, and it remains to be seen whether Putin, whose forces have been slowly grinding forward in eastern Ukraine, is prepared to sit down with Zelenskiy or make meaningful concessions. Read more here. Donald Trump has told President Volodymyr Zelensky the US would help guarantee Ukraine's security in any deal to end Russia's war there, though the extent of any assistance was not immediately clear. Trump made the pledge during an extraordinary summit at the White House, where he hosted Zelensky and a group of European allies days after Trump met with Russian President Vladimir Putin in Alaska and months after a disastrous Oval Office meeting that saw Trump and Vice President JD Vance publicly criticise the Ukrainian leader. A peace deal appeared far from imminent, however. Just before the talks began, Russia's Foreign Ministry ruled out the deployment of troops from NATO countries to help secure a peace deal, adding complications to Trump's offer. Both Trump and Zelenskiy said they hoped Monday's gathering would eventually lead to three-way talks with Putin. The Kremlin has not yet publicly accepted such a meeting, and it remains to be seen whether Putin, whose forces have been slowly grinding forward in eastern Ukraine, is prepared to sit down with Zelenskiy or make meaningful concessions. Read more here.
CNBC
11 minutes ago
- CNBC
Shein reportedly weighs moving back to China to gain approval for Hong Kong IPO
Shein is considering moving its headquarters back to China from Singapore in a bid to convince Beijing authorities to approve the online fast-fashion company's Hong Kong initial public offering, according to a Bloomberg report on Tuesday. The report said that Shein had gone so far as to consult lawyers about setting up a parent company in mainland China, citing people familiar with the matter. However, it added that there was no guarantee that Shein would act upon the preliminary discussions. Shein, which sources a significant amount of its goods from China, confidentially filed for an initial public offering in Hong Kong last month, according to a Financial Times report. That comes after delays in Shein's plans for an initial public offering in London that was filed over a year ago, according to Reuters, as the company struggled to secure regulatory approval. Shein did not respond to a request for comment from CNBC. A London listing had been seen as a potential boon for the Chinese-founded company, providing it more legitimacy for its international business and access to a deep and mature pool of Western investors. However, the company has faced headwinds in Western markets this year, with the U.S. President Donald Trump removing a valuable tariff exemption that had helped it maintain low prices on small shipments from China. Lawmakers in some other Western markets are considering similar moves. Read the full Bloomberg report here.
CNBC
11 minutes ago
- CNBC
Trump administration weighs 10% stake in Intel via Chip Act grants, making government top shareholder
The Trump administration is discussing taking a 10% stake in Intel, according to a Bloomberg report on Tuesday, in a deal that could see the U.S. government become the chipmaker's largest stakeholder. As part of a potential deal, the government is also considering converting some or all of Intel's grants from the 2022 U.S. CHIPS and Science Act into equity in the company, the report said, citing a White House official and other people familiar with the matter. At the embattled chipmaker's current market value, a 10% stake would be worth roughly $10.4 billion. Meanwhile, Intel has been awarded about $10.9 billion in Chips Act grants, including $7.9 billion for commercial manufacturing and $3 billion for national security projects. The report noted, however, that it remains unclear if the idea has gained traction broadly within the administration or whether officials have broached the possibility with affected companies. It added that the exact size of the stake remains in flux, and it remains unclear whether the White House will actually proceed with the plan. Intel and the White House did not immediately respond to CNBC's queries regarding the report. Intel, once a dominant force in the U.S. chip industry, has fallen behind global competitors in advanced chip manufacturing. Reviving the former U.S. chip champion has become a national priority in Washington, with reports about a potential government stake in the company first circulating last week. The company has been the largest recipient of the 2022 Chips Act, passed with bipartisan support under the Biden administration, as part of efforts by Washington to revitalize U.S. leadership in semiconductor manufacturing. The bill allocated $39 billion in grants for American semiconductor manufacturing projects, with funding committed to many of the world's chipmakers such as TSMC and Samsung, as well as American chip companies such as Nvidia, Micron and GlobalFoundries. U.S. President Donald Trump, though supporting the general goals of the Chips Act, has been a vocal critic of the bill and even called for its repeal earlier this year. While republican lawmakers in Washington have been reluctant to act on that call, U.S. Commerce Secretary Howard Lutnick said in June that the administration was renegotiating some of the bill's grants. If Intel's Chip Act funds were to be converted into a potential government stake in the company, it could decrease the total amount of capital infused into the company as part of any deal by Washington. However, it would serve as the latest example of the Trump administration's interest in building government-backed national champions in strategic industries. Intel has struggled to gain an advantage in the artificial intelligence boom and has yet to capture a significant customer for its manufacturing business despite spending heavily on it. Some analysts have argued that government intervention is essential for the struggling chipmaker and for the sake of U.S. national security. Others contend that Intel's problems are deeper than funding, and it is not clear how the government can help with that. Analysts have also noted that Trump may be able to sway companies to buy Intel chips or assist indirectly, through tariffs and regulation. On Tuesday, it was announced that SoftBank was investing $2 billion in Intel. According to LSEG, the investment is worth about 2% of Intel, making SoftBank the fifth-biggest shareholder. Masayoshi Son, Chairman & CEO of SoftBank Group, said: "This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role." Intel investors had initially welcomed news of the government investment, which resulted in a share rally of nearly 9% on Aug. 14. Shares of Intel fell over 3% on Monday on the Bloomberg report, but rebounded by more than 5% in overnight trading on the trading platform Robinhood following news of a Softbank investment. Intel CEO Lip-Bu Tan, who was appointed in March 2025, met with Trump at the White House last week, after the U.S. president had called for his ousting due to his past ties to China. After the meeting, Trump had changed his tune on the Intel chief, saying he had "an amazing story." It's unclear if a potential government stake in the company had been discussed at the time. Read the full Bloomberg story here.
