Intel receives 5.7bn as Trump administration buys 10 percent stake

The chief financial officer for the chip manufacturer Intel, David Zinsner, has announced his company received 5.7bn as part of a deal negotiated with the administration of United States President Donald Trump. During an investor conference on Thursday, Zinsner said that Intel, a leader in the US development of semiconductor chips, received the funds on Wednesday evening. Last week, the White House revealed the federal government would take a 10 percent stake in the struggling tech giant, based in Santa Clara, California. As part of the deal, the government negotiated a five-year warrant for an additional 5 percent of Intel's shares, in case the company should cease to own more than 51 percent of its manufacturing operations. "I don't think there's a high likelihood that we would take our stake below 50 percent," Zinsner said.