Trump administration vying to own a big stake in Intel after SoftBank's $2 billion bet on company
SAN FRANCISCO (AP) — U.S. Commerce Secretary Howard Lutnick on Tuesday confirmed the U.S. government is vying for a 10% stake in Silicon Valley pioneer Intel in an unusual deal that would deepen the Trump administration’s financial ties with major computer chip manufacturers and punctuate a dramatic about-face from the president’s recent push to oust the company’s CEO.
The ambitions that Lutnick confirmed in a televised interview with CNBC came the day after various news outlets reported on the negotiations between the Trump administration and Intel. The investment would be made by converting federal government grants previously pledged under President Joe Biden’s administration into a bushel of Intel stock that would turn the U.S. government into one of the company’s largest shareholders.
“We think America should get the benefit of the bargain,” Lutnick told CNBC as he explained why President Donald Trump is pushing for the deal. “It’s obvious that it’s the right move to make.”
Intel declined to comment on the negotiations with the Trump administration.
https://apnews.com/article/intel-softbank-trump-chips-d852cc20b144ca7222edabf1c7cba157
And the grift goes on.
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