Trump praises Intel CEO Lip-Bu Tan just days after demanding his resignation: What changed?
Reports by Reuters earlier this year revealed that Tan and funds linked to him had invested over $200 million in hundreds of Chinese firms, including contractors for the People's Liberation Army. While such holdings are legal unless tied to companies on a US Treasury blacklist, the ties drew scrutiny from lawmakers and the White House. Intel has said Tan has divested from Chinese entities, though details remain unclear.In a statement after Monday's meeting, Intel said Tan had held a 'candid and constructive' discussion with Trump, focusing on strengthening US technology and manufacturing leadership. The company pledged to work closely with the administration to 'restore this great American company.'Trump's original criticism of Tan followed a letter from Republican Senator Tom Cotton to Intel's board, questioning the CEO's past business links. The controversy has added pressure on the company, which last year secured $8 billion in subsidies under the 2022 CHIPS Act to expand manufacturing in the United States.Intel's turnaround efforts face significant challenges, including delays in its planned Ohio factory, now not expected to be completed until the next decade, and quality issues in new manufacturing processes. The company has also slowed expansion plans for plants abroad.Trump's intervention, both in criticism and praise, underlines his willingness to involve himself directly in corporate leadership matters. It comes amid broader White House efforts to ensure that strategic industries, especially semiconductors, are led by figures seen as fully aligned with US national and economic interests.- EndsTune InMust Watch
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