President Donald Trump demanded the immediate resignation of Intel CEO Lip-Bu Tan, labeling him as 'highly conflicted'. This demand follows Republican Sen. Tom Cotton's inquiry into Tan's connections to Chinese entities. Tan has invested over $200 million in numerous Chinese semiconductor firms, raising concerns regarding Intel's trustworthiness. After Tan's announcements of layoffs, Intel's stock has seen declines, with shares falling 3% following Trump's social media statement regarding Tan's resignation. Tan's brief tenure was highlighted by a prior stock increase after his appointment.
The conflict centers on Tan's financial and professional ties to Chinese companies, particularly those with links to China's military and technology sector.
Tan either directly or via his venture funds has invested at least $200 million in at least 20 Chinese advanced manufacturing and semiconductor firms between 2012 and 2024.
The memo indicated significant ongoing layoffs and other cost-cutting measures, and shares were trading below their springtime level by that point.
Trump's post prompted shares to drop as much as 3% in premarket trading after calling for Tan's immediate resignation.
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