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Sen. Rand Paul (R-Ky.) on Wednesday criticized the Trump administration’s decision to take a 10% stake in embattled chipmaker Intel
, calling the investment “a step towards socialism.”
Intel announced last month that the U.S. government made an $8.9 billion investment in Intel common stock, purchasing 433.3 million shares at a price of $20.47 per share, giving it a 10% stake in the company. Intel noted that the price the government paid was a discount to the current market price.
Rand said government ownership is “a bad idea.”
