The company has received about $2.2 billion of the $7.8 billion pledged under the incentives program — money that Lutnick derided as a “giveaway” that would better serve U.S. taxpayers if it's turned into Intel stock, which he said would be in the form of non-voting shares so the government wouldn't be able to use the stake to sway how the company is managed. But Trump backed off after the Malyasia-born Tan professed his allegiance to the U.S. in a public letter to Intel employees and went to the White House to meet with the president, who applauded the Intel CEO for having an “amazing story.” That truce apparently sparked the negotiations that may culminate in the U.S. government owning a chunk of Intel. One of the most notable instances occurred during the Great Recession in 2008 when the government injected nearly $50 billion into General Motors in return for a roughly 60% stake in the automaker at a time it was on the verge of bankruptcy.
Published at: 2025-08-19 21:22:43
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