Together with the US$2.2 billion in Chips Act money that Intel already received, the investment totalled US$11.1 billion. The shares are nonvoting, and there is no board seat for the US government.
President Donald Trump sealed a deal that gives the US government a nearly 10% stake in Intel Corp, part of an unconventional bid to reinvigorate the beleaguered company and boost domestic chip manufacturing.
Under the agreement, the US will receive 433.3 million shares of common stock — representing 9.9% of the fully diluted common shares in Intel — according to a statement from the company. The US$8.9 billion investment will be funded by grants from the US Chips and Science Act and Secure Enclave program that had previously been extended but not yet paid, Intel said, confirming a report by Bloomberg News.
