Intel Shares Drop Amid Call for CEO's Resignation
Intel's stock experienced a downturn following former President Trump's demand for CEO Lip-Bu Tan's immediate resignation.
Trump's Statement
Trump, via a Truth Social post, pointed to potential conflicts of interest surrounding Tan.
Concerns Over China Ties
Senator Tom Cotton has voiced concerns about Tan's connections to Chinese companies, some of which are linked to the Chinese military. Reuters reported on Cotton's letter to Intel's chair, expressing worry about the impact on U.S. national security.
Cotton emphasized Intel's responsibility in managing taxpayer funds and adhering to security regulations. "Mr. Tan's associations raise questions about Intel's ability to fulfill these obligations."
Tan's Background
Tan was appointed Intel CEO in March. He previously led Cadence Design until 2021. These concerns arise as Intel seeks to recover from previous sales declines.
