President DOnald Trump on Monday touted his deal with Intel, pushing back on criticism, asking, “Why are ‘stupid’ people unhappy with that?”
Commerce Secretary Howard Lutnick on Friday signaled that the U.S. government’s investment in Intel was completed, stating that the U.S. now owns 10% of the company.
“I PAID ZERO FOR INTEL, IT IS WORTH APPROXIMATELY 11 BILLION DOLLARS. All goes to the USA,” Trump posted on Truth Social on Monday.
“Why are ‘stupid’ people unhappy with that? I will make deals like that for our Country all day long. I will also help those companies that make such lucrative deals with the United States States [sic],” he added. “I love seeing their stock price go up, making the USA RICHER, AND RICHER. More jobs for America!!! Who would not want to make deals like that?”
The government secured a nonvoting, equity stake in Intel in exchange for CHIPS Act funds.
Intel has spent billions of dollars to build a series of chip factories in Ohio, which are scheduled to start operations in 2030. Last fall, Intel said it had finalized a nearly $8 billion grant under the 2022 CHIPS and Science Act to fund the factory-building plans.
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Author: Dillon B
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