President Donald Trump said Friday that American chipmaker Intel had agreed to give the U.S. government a 10% stake, which is worth roughly $10 billion.
Intel was previously allocated about $11 billion in grants to build out manufacturing in the U.S. under the CHIPS and Science Act passed by Congress during the Biden administration.
Intel shares jumped 5.5%.
A spokesperson for Intel declined to comment to Fortune. The White House did not immediately respond to Fortune’s request for comment.
Commerce Secretary Howard Lutnick has previously outlined plans for the U.S. government to receive equity in return for the CHIPS Act cash grants Intel has received.
Trump said Friday he called for Tan’s ouster because of a letter Sen. Tom Cotton (R-Ark.) sent to Intel’s chairman, expressing concern about Tan’s ties to Chinese companies. Following Trump’s post, Tan traveled to Washington for a meeting with Trump last week.
“He walked in wanting to keep his job and he ended up giving us $10 billion for the American people,” Trump said Friday.
Some Republicans, including Sen. Rand Paul (R-Ky.), have criticized Trump’s plan for the U.S. government to take a stake in Intel.
Still, Trump was undeterred by the criticism and noted Friday that the government will continue its interventionist path as long as the agreements don’t hurt the U.S. military or security.
“We do a lot of deals like that. I’ll do more of them,” he said.
