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On August 22, Intel announced that the U.S. government would purchase 433.3 million of its shares at a price of $20.47, acquiring a 10% ownership in the firm. The funding for the investment will come from resources Intel has not yet acquired under the Chips Act, along with assets from additional government programs.
Hassett mentioned on Monday that the government would not participate in Intel's activities.
“I believe this is an exceptional situation due to the significant expenditure under the Chips Act,” he stated to CNBC. “During the campaign, President Donald Trump stated clearly that he believed initiating a sovereign wealth fund in the United States was appropriate. I believe at some time we will observe additional agreements, whether in this sector or in different fields.”
In early February, Trump issued an executive order to establish a sovereign wealth fund in the nation.
Hassett stated that government purchases of significant shares in companies are rare, but not unheard of. He specifically mentioned acquiring shares in Fannie Mae and Freddie Mac during the mortgage crisis.
Hassett stated that this is all part of a unified strategy where Washington levies high tariffs on imports to motivate companies to invest in manufacturing within the United States.
source: cnbc.com
Hassett mentioned on Monday that the government would not participate in Intel's activities.
“I believe this is an exceptional situation due to the significant expenditure under the Chips Act,” he stated to CNBC. “During the campaign, President Donald Trump stated clearly that he believed initiating a sovereign wealth fund in the United States was appropriate. I believe at some time we will observe additional agreements, whether in this sector or in different fields.”
In early February, Trump issued an executive order to establish a sovereign wealth fund in the nation.
Hassett stated that government purchases of significant shares in companies are rare, but not unheard of. He specifically mentioned acquiring shares in Fannie Mae and Freddie Mac during the mortgage crisis.
Hassett stated that this is all part of a unified strategy where Washington levies high tariffs on imports to motivate companies to invest in manufacturing within the United States.
source: cnbc.com
