Trump says Intel has agreed to give U.S. a 10% stake in the struggling tech company

President Donald Trump announced on Aug. 22 that the U.S. government has taken a 10% stake in Intel, the struggling U.S. chipmaker company.

“It is my Great Honor to report that the United States of America now fully owns and controls 10% of INTEL, a Great American Company that has an even more incredible future,” wrote Trump in a Truth Social post. “I negotiated this Deal with Lip-Bu Tan, the Highly Respected Chief Executive Officer of the Company.”

At various points during the day, Trump said the U.S. shares would be valued at $10 and $11 billion, without providing details.

“The United States paid nothing for these Shares, and the Shares are now valued at approximately $11 Billion Dollars,” he wrote. “This is a great Deal for America and, also, a great Deal for INTEL.”

Earlier, during an Oval Office meeting, he told reporters the value of the shares would be worth $10 billion.