Trump says Intel agreed to give the government 10% of the chipmaker. ‘We do a lot of deals like that. I’ll do more of them’

I’ll do more of them’By Marco Quiroz-GutierrezBy Marco Quiroz-GutierrezReporterMarco Quiroz-GutierrezReporterRole: ReporterMarco Quiroz-Gutierrez is a reporter for Fortune covering general news.SEE FULL BIO President Donald Trump speaks to the media wearing a hat that reads, "Trump Was Right Everything!"Kevin Dietsch—Getty ImagesPresident Trump said Friday that Intel had agreed to give the U.S. government a stake equivalent to 10% of its market cap

Trump’s s, scant on details, come as the administration has taken a more interventionist role in American companies including U.S

President Donald Trump said Friday that American chipmaker Intel had agreed to give the U.S. government a 10% stake, which is worth roughly $10 billion. “They’ve had some bad management over the years and they got lost

I said ‘I think you should pay us 10% of your company,’ and they said ‘yes.’ That’s $10 billion

I don’t get it, this comes to the United States of America,” he said in a press conference with reporters in the Oval Office

Under the new agreement with Trump, the government will take equity in return for the grant money allocated to Intel through the CHIPS Act, the New York Times reported

The government will not be involved with company governance or claim a board seat, the Times reported

A spokesperson for Intel declined to to Fortune

The White House did not immediately respond to Fortune’s request for

Commerce Secretary Howard Lutnick has previously outlined plans for the U.S. government to receive equity in return for the CHIPS Act cash grants Intel has received. “We should get an equity stake for our money, so we’ll der the money which was already committed under the Biden administration,” Lutnick told CNBC earlier this week

Trump claimed the agreement came after a conversation with Intel CEO Lip-Bu Tan, whom he previously called on to resign in a post on his social media website Truth Social

Trump said Friday he called for Tan’s ouster because of a letter Sen

Tom Cotton (R-Ark.) sent to Intel’s chairman, expressing concern Tan’s ties to Chinese companies. ing Trump’s post, Tan traveled to Washington for a meeting with Trump last week. “He walked in wanting to keep his job and he up giving us $10 billion for the American people,” Trump said Friday

The Intel agreement comes as the Trump administration has shown a recent willingness to take on a more interventionist role with U.S. companies

As a condition of the merger between Nippon Steel and U.S

Steel, the administration demanded to name a board member to the combined entity and secured a “golden ” giving it veto power over company decisions

Treasury Secretary Scott Bessent said last week similar agreements could be expanded to other industries

Some Republicans, including Sen

Rand Paul (R-Ky.), have criticized Trump’s plan for the U.S. government to take a stake in Intel. “If socialism is government owning the means of duction, wouldn’t the government owning part of Intel be a step toward socialism? Terrible idea,” Paul wrote Wednesday in a post on X

Still, Trump was undeterred by the criticism and noted Friday that the government will continue its interventionist path as long as the agreements don’t hurt the U.S. military or security. “We do a lot of deals that

I’ll do more of them,” he said

Explore this year's list.