Trump says Intel CEO has an ‘amazing story' days after calling for his resignation
Shares of Intel, which slid last week after CEO Lip-Bu Tan came under fire from the U.S. President, bounced higher before the opening bell Tuesday.
The attack from Trump came after Sen. Tom Cotton sent a letter to Intel Chairman Frank Yeary expressing concern over Tan's investments and ties to semiconductor firms that are reportedly linked to the Chinese Communist Party and the People's Liberation Army. Cotton asked Intel if Tan had divested from the companies to eliminate any potential conflict of interest.
Trump said on the Truth Social platform Thursday that, '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!'
Tan was named Intel CEO in March and it is unclear if he has divested his interests in the chip companies.
Tan said in a message to employees that there was misinformation circulating about his past roles at Walden International and Cadence Design Systems and said that he'd 'always operated within the highest legal and ethical standards.'
After a Monday meeting with Tan at the White House, Trump backed off his demand that Tan resign without hesitation.
'I met with Mr. Lip-Bu Tan, of Intel, along with Secretary of Commerce, Howard Lutnick, and Secretary of the Treasury, Scott Bessent,' Trump wrote in a Truth Social post. 'The meeting was a very interesting one. His success and rise is an amazing story. Mr. Tan and my Cabinet members are going to spend time together, and bring suggestions to me during the next week. Thank you for your attention to this matter!'
Shares of Intel rose gained more than three per cent in premarket trading.
The economic and political rivalry between the U.S. and China are increasingly focused on computer chips, AI and other digital technologies that are expected to shape future economies and military conflicts.
Michelle Chapman, The Associated Press
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