President Donald Trump on Thursday demanded the resignation of Intel CEO Lip-Bu Tan following reviews 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 name comes simply days after Arkansas Republican Sen. Tom Cotton raised issues and pressed the chair of Intel’s board over the CEO’s alleged connections to China, questioning the integrity of the corporate and its impression on US nationwide safety.
In a letter earlier this week to Intel board Chair Frank Yeary, Cotton pointed to current reporting on Tan’s Chinese investments. Reuters in April reported that Tan has personally and thru numerous enterprise funds invested in a whole bunch of Chinese corporations, a few of which have ties to the nation’s army.
“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 didn’t instantly reply to requests for remark.
Shares of Intel (INTC) fell practically 5% in premarket buying and selling.
This is a creating story and will probably be up to date.