President Trump called on the CEO of Intel to resign on Thursday, prompting the technology company’s stock to slip before the opening bell.
“The CEO of Intel is highly CONFLICTED and must resign, immediately,” Trump posted on Truth Social, without providing additional details. “There is no other solution to this problem. Thank you for your attention to this problem!”
The president’s call for Tan’s resignation comes after Sen. Tom Cotton, a Republican from Arkansas, sent a letter to Intel Chairman Frank Yeary on Tuesday expressing concern over Tan’s investments and ties to Chinese business
“Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms,” Cotton wrote in the letter. “At least eight of these companies reportedly have ties to the Chinese People’s Liberation Army.”
Lip-Bu Tan, a veteran of the semiconductor industry, was appointed as CEO of Intel in March.
Intel’s stock fell more than 4% in premarket trading.
— This is a developing story and will be updated.
contributed to this report.
