Trump’s Attack on Intel CEO Reveals He Just Does What Fox News Wants
At least one Republican doesn’t believe in a free market, and he’s in the White House.
Donald Trump took to Truth Social Thursday to demand the immediate resignation of Intel CEO Lip-Bu Tan.
“The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem,” Trump wrote. “Thank you for your attention to this problem!”
The post was most likely influenced by Senator Tom Cotton’s appearance on Fox Business, which aired minutes before Trump hit send.
Tan, a Malayan-born American business executive, has investments in hundreds of Chinese tech firms, including eight that are connected to the Chinese military, reported Reuters. One source told the newswire in April that Tan had divested from those positions, though the extent of his divestment was not made known.
Tan was appointed to run the chip manufacturer in March.
Cotton wrote a letter Wednesday to Intel board chair Frank Yeary, raising concerns about Tan’s various ties to China and some $8 billion that Intel received from the U.S. federal government by way of the CHIPS and Science Act.
“Intel is required to be a responsible steward of American taxpayer dollars and to comply with applicable security regulations,” the Arkansas senator wrote. “Mr. Tan’s associations raise questions about Intel’s ability to fulfill these obligations.”
Intel’s stock fell by 4 percent in after-hours trading after Trump made his post.
But having a U.S. president intervene in the business decisions of an independent company would set a “very unfortunate precedent,” according to analysts.
“You don’t want American presidents dictating who runs companies, but certainly his opinion has merit and weight,” Phil Blancato, CEO of Ladenburg Thalmann Asset Management, told Reuters.