Synopsis
That’s the equivalent of an almost $27 billion return on paper since Intel and the government announced the investment in August. Chief Executive Officer Lip-Bu Tan secured the unconventional investment following a charm offensive to win over the White House and repair relations with President Donald Trump, who’d called for Tan’s ouster.Listen to this article in summarized format
That’s the equivalent of an almost $27 billion return on paper since Intel and the government announced the investment in August. Chief executive officer Lip-Bu Tan secured the unconventional investment following a charm offensive to win over the White House and repair relations with President Donald Trump, who’d called for Tan’s ouster.
The White House announced a deal that will likely see the US taxpayer owning 433.3 million shares of the company once certain conditions are met. The agreement priced the shares at $20.47 apiece, valuing the stake at $8.9 billion. Taxpayers own more than 270 million shares directly, with some shares held in an escrow account. The paper valuation assumes that the US exercises all of its acquisition rights under the deal.
