Trump calls for Intel CEO’s resignation, company’s stock drops 5%

Shares of Intel fell 5% in premarket trading on Thursday after US President Donald Trump called for the immediate resignation of the company’s CEO, Lip-Bo Tan.

According to Reuters, Trump wrote in a post on his Truth Social platform: “Lip-Bo Tan is deeply involved and must resign immediately. There is no other solution to this problem.”

Tan was appointed CEO of the company last March. But this week, Republican Senator Tom Cotton raised concerns about his ties to Chinese companies and pointed to a previous criminal case involving Cadence Design Systems, where Tan served as CEO until 2021.

In a letter to Intel’s chairman, Cotton said he expressed “concern about the security and integrity of the company’s operations and their potential impact on US national security.” These developments put pressure on the company’s stock, which fell 5% in pre-market trading, to around $19.49, after closing at $20.41 the previous day.