President Donald Trump on Thursday demanded the resignation of Intel CEO Lip-Bu Tan following reports and allegations that he has ties to China.
“The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!” Trump posted on Truth Social.
The call comes just days after Arkansas Republican Sen. Tom Cotton raised concerns and pressed the chair of Intel’s board over the CEO’s alleged connections to China, questioning the integrity of the company and its impact on US national security.
In a letter earlier this week to Intel board Chair Frank Yeary, Cotton pointed to recent reporting on Tan’s Chinese investments. Reuters in April reported that Tan has personally and through various venture funds invested in hundreds of Chinese companies, some of which have ties to the country’s military.
“The new CEO of @intel reportedly has deep ties to the Chinese Communists. U.S. companies who receive government grants should be responsible stewards of taxpayer dollars and adhere to strict security regulations. The board of @Intel owes Congress an explanation,” Cotton wrote in a post on X, attaching the letter.
Intel and Tan did not immediately respond to requests for comment.
Shares of Intel (INTC) fell nearly 5% in premarket trading.
Trump’s remarks come as Tan, who took over as Intel CEO in March, is attempting to revive the beleaguered chipmaker after it missed out on the mobile and AI boom. Rival Nvidia, whose chips have been crucial for AI infrastructure, became the first $4 trillion company last month. Intel said in July that it had slashed 15% of its workforce in the hopes of creating “a faster-moving, flatter and more agile organization.”
Before taking over the top job at Intel, Tan was the CEO of tech design company Cadence Design Systems and was a founding member of Walden Catalyst Ventures.
Thursday’s Truth Social post comes after Trump has criticized Intel in the past. On Wednesday, as Trump and Apple CEO Tim Cook announced the iPhone maker would invest another $100 billion in its US operations, the president took a shot at Intel.
“Intel was just taken over the over the coals,” he said. “They were taken to the cleaners, frankly.”
This is a developing story and will be updated.
The-CNN-Wire
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