Donald Trump demands Intel CEO Lip-Bu Tan resign over his ties to China

The US President made a statement demanding that current Intel CEO Lip-Bu Tan immediately resign. In a message on the Truth Social platform, he said that “there is no other way out of this situation.”

The increased attention to Tan’s figure is related to his business interests in China. Earlier, Reuters reported that Republican Senator Tom Cotton sent a letter to the chairman of the Intel board of directors with inquiries about the new CEO’s ties to Chinese companies, as well as in connection with a criminal case involving Tan’s former company, Cadence Design Systems.

Back in April, the media reported that the head appointed in March has significant investments in the Chinese technology sector. In particular, Lip-Bu Tan previously managed more than 40 companies in the PRC and owns shares in more than 600 enterprises with a total value of at least $200 million. Among these structures were mentioned those that, according to available data, are associated with the People’s Liberation Army of China and other state organizations.

“Intel is obliged to responsibly manage American taxpayer funds and comply with applicable security regulations,” Senator Cotton’s letter says. According to him, Tan’s connections raise doubts about the company’s ability to fulfill these obligations.

After the president’s statement, Intel shares fell by almost 5% in pre-market trading.