It was announced today the U.S. government will take a 10% stake in Intel. They say they won’t have a seat on the board or play any major role in the company’s governance but what major stockholder doesn’t have a major say in the direction of the company? At 10% the U.S. government will be the single largest stockholder of the company.
President Trump said the government is taking a nearly 10% stake in Intel, capping a two-week frenzy in Washington over the future of the company and fueling speculation about what else might be done to help the troubled chip-maker Intel.
Trump said in the Oval Office Friday that the company has agreed to give the government the stake as part of discussions about the company’s future and billions of dollars in grants it has received from the 2022 Chips Act.
The Wall Street Journal (free link)
The federal government has no business having ownership in any private company. This is a de facto nationalization of Intel (even if it’s only a small ownership stake) and a seizing of the means of production. It’s wrong and should not be allowed.
Leave a Reply