President Donald Trump is not gladly suffering fools who are criticizing him over his Intel purchase.
On Friday, Trump announced in a Truth Social post that the country “now fully owns and controls 10% of INTEL,” a deal he negotiated with CEO Lip-Bu Tan.
Look:
“It is my Great Honor to report that the United States of America now fully owns and controls 10% of INTEL, a Great American Company that has an even more incredible future. I negotiated this Deal with Lip-Bu Tan, the Highly Respected Chief Executive Officer of the Company. The United States paid nothing for these Shares, and the Shares are now valued at approximately $11 Billion Dollars. This is a great Deal for America and, also, a great Deal for INTEL. Building leading edge Semiconductors and Chips, which is what INTEL does, is fundamental to the future of our Nation. MAKE AMERICA GREAT AGAIN! Thank you for your attention to this matter,” he wrote.
As with every move he makes, criticism came fast and furious over the deal. Some conservatives didn’t like the idea of the federal government owning any percentage of a private company, as it could be likened to socialism. Others simply couldn’t resist a chance to jab the president.
Trump responded to these “stupid people” in a follow-up post on Truth Social.
“I PAID ZERO FOR INTEL, IT IS WORTH APPROXIMATELY 11 BILLION DOLLARS. All goes to the USA. 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. 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?” he asked.
The Associated Press indicated that this is not the first time that the government has “become a significant shareholder in a prominent company.”
“One of the most notable instances occurred during the Great Recession in 2008, when the government injected nearly $50 billion into General Motors in return for a roughly 60% stake in the automaker at a time it was on the verge of bankruptcy. The government ended up with a roughly $10 billion loss after it sold its stock in GM,” the report added.
U.S. Commerce Secretary Howard Lutnick assured Americans on CNBC Monday that “the government has no intention of meddling in Intel’s business, and will have its hands tied by holding non-voting shares in the company.”
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Author: Sierra Marlee
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