U.S. President Donald Trump on Monday said he would make deals with other companies similar to the one he announced last week with Intel (INTC.O), opens new tab.
Trump on Friday said the U.S. would take a 10% stake in Intel (INTC.O), opens new tab under a deal with the struggling chipmaker that converts government grants into an equity share.
“I love seeing their stock price go up, making the USA RICHER, AND RICHER. More jobs for America!” he added.
Trump also said in the post that he would help companies that make similar “lucrative” deals with U.S. states, but didn’t provide details.
The Intel deal will ensure that the chipmaker will receive about $10 billion in funds for building or expanding factories in the U.S.
Under the agreement, the U.S. will purchase a 9.9% stake in Intel for $8.9 billion, or $20.47 per share, which represents a discount of about $4 from Intel’s closing share price of $24.80 on Friday.
The purchase of the 433.3 million Intel shares will be made with funding from the $5.7 billion in unpaid grants from the Biden-era CHIPS Act and $3.2 billion awarded to Intel for the Secure Enclave program, also awarded under Trump’s predecessor, Democratic President Joe Biden.
Reporting by Susan Heavey in Washington; Writing by Ryan Patrick Jones in Toronto; Editing by Chizu Nomiyama