Washington: President Donald Trump confirmed that the US "now fully owns and controls 10% of INTEL" for nothing, following an agreement with the company to relinquish this portion of its stake.

According to Anadolu Agency, Trump revealed during a news conference at the White House that Intel's CEO, Lip-Bu Tan, agreed to transfer the stake to the US. Trump further stated on the Truth social media platform that the US acquired the shares, valued at approximately $11 billion, without any payment.

Trump described the acquisition as a beneficial move for both the US and Intel, emphasizing the importance of Intel's role in producing semiconductors and chips, which he considers vital for the nation's future. The agreement follows a meeting between Trump and Tan at the White House on August 12, where Trump demanded Tan's resignation due to alleged ties with Chinese companies linked to the military.

Despite the demand for resignation, Trump expressed admiration for Tan, calling his career a success story. After their meeting, Trump stated, "That's right, he should resign. And he came in, he saw me, (and) we talked for a while. I liked him a lot. I thought he was very good."

In related news, SoftBank in Japan purchased $2 billion worth of Intel stock this week. Following Trump's announcement, Intel's share price increased by 5.5% as of 2114GMT.