US President Donald Trump on Thursday, August 7, publicly called for Intel CEO, Lip-Bu Tan to step down from his position.
This demand came after reports and allegations surfaced suggesting that Tan may have connections with China.
“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!” Trump posted on Truth Social.
As a result of Trump's statement, Intel's shares dropped by 5% in premarket trading, reported CNBC.
Tan was appointed as the new CEO of Intel, a major chip-making company, in March, during a time when the company was trying to recover from falling sales that had occurred while the previous CEO, Pat Gelsinger was in charge.
The demand for Intel's CEO to resign happened shortly after US Senator Tom Cotton from Arkansas, a Republican expressed serious concerns about Intel CEO possible links to China.
He sent a letter to Intel's board chairman, Frank Yeary, highlighting recent reports about Intel CEO Tan's financial involvement in China.
Earlier reports revealed that Tan has made investments in many Chinese companies and some of those companies may be linked to China's military.
US officials are now worried that these ties could negatively affect the future of Intel.
