Intel shares drop after Trump calls for CEO to resign immediately

Intel's shares faced significant pressure on Thursday after former President Donald Trump publicly urged the company's CEO to step down. In a post on Truth Social, Trump labeled CEO Lip-Bu Tan as 'highly CONFLICTED' and insisted that his immediate resignation was the only viable solution to the situation. The backlash from Trump's statement was felt in the premarket trading, where Intel's stock plummeted by 5%. Tan, who has been at the helm of Intel since March, is now under scrutiny. This week, Republican Senator Tom Cotton also raised concerns about Tan's connections to Chinese firms and pointed to a previous legal issue involving Cadence Design, where Tan served as CEO until 2021. Cotton communicated his worries to Intel's chair regarding the potential implications for the security and integrity of Intel's operations, emphasizing the risks to U.S. national security.