President Donald Trump took aim at the people who’ve criticized his administration’s multibillion-dollar agreement with Intel.
In a pointed Truth Social post Monday, Trump claimed he had “paid zero for Intel,” though according to a joint press release from the Trump administration and Intel, the U.S. government has pledged to invest nearly $9 billion into the tech behemoth.
“I PAID ZERO FOR INTEL, IT IS WORTH APPROXIMATELY 11 BILLION DOLLARS,” he wrote. “All goes to the USA. Why are “stupid” people unhappy with that? I will make deals like that for our Country all day long.”
Intel noted in the release that the government investment would not include board representation or other governance or information rights. The government also agreed to vote with the board of directors on matters requiring shareholder approval “with limited exceptions,” according to the release.
Trump went on to say in the post that he will “also help those companies that make such lucrative deals with the United States” adding, “I love seeing their stock price go up, making the USA RICHER, AND RICHER. More jobs for America!!! Who would not want to make deals like that?”
Trump first announced the Intel deal on Friday in a separate Truth Social post, writing, “It is my Great Honor to report that the United States of America now fully owns and controls 10% of INTEL, a Great American Company that has an even more incredible future.”
Trump’s deal came just weeks after he called on Intel’s CEO Lip-Bu Tan to resign over alleged China ties.
The deal also comes as the United States has been working to get a leg up in the intense race against China to achieve global dominance in the artificial intelligence industry.
Senator Rand Paul (R-Ky.) was among Republicans who slammed the deal. Paul alluded that the deal will be the country’s “step toward socialism.”
“If socialism is government owning the means of production, wouldn’t the government owning part of Intel be a step toward socialism?” Paul said in an Aug. 20 X post. “Terrible idea.”
“Shark Tank” host and Trump supporter Kevin O’Leary also blasted the U.S. government for taking a stake in Intel.
“I abhor this idea. I really do,” O’Leary said while appearing on CNBC’s “Squawk Box.” “What has made America so great for 200 years is the government stays in its lane, and the private sector does what it does so successfully.”
O’Leary then argued that the “dead old” Intel “should have been sold for car parts three years ago.”
Meanwhile, Tan praised the U.S. government’s deal with Intel in a statement in a press release.
“President Trump’s focus on U.S. chip manufacturing is driving historic investments in a vital industry that is integral to the country’s economic and national security,” Tan said. “We are grateful for the confidence the President and the Administration have placed in Intel, and we look forward to working to advance US technology and manufacturing leadership.”