Intel Share Price Drops 3% After Trump Demands CEO Lip-Bu Tan’s Resignation Over China Ties

President Donald Trump on Thursday demanded the immediate resignation of Intel’s newly appointed CEO, Lip-Bu Tan, citing what he described as “highly conflicted” ties to Chinese technology firms. In his Truth Social Post, he wrote, “The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!” Intel shares faced heat as they fell sharply in premarket trading following Trump’s statement, with the stock last down around 5%, as reported by NBC News. See Trump's post here.

President Trump has called for the resignation of Intel's new CEO, Lip-Bu Tan. (AP Photo/Alex Brandon)(AP)

Trump's demand for Lip Tu Ban's resignation comes a day after a letter was sent to Intel's board by Senator Tom Cotton (R-Ark.). The letter raised concern about Ban's connection to Chinese companies, which are linked to the Communist Party and the Chinese military. Cotton specifically pointed to the $8 billion in federal funding Intel received under the CHIPS Act. He added that Tan's links to China “raise questions about Intel's ability to fulfill these obligations,” as reported by Axios.