Sen. Rand Paul, R-Ky., does a TV interrogation successful the Russell Senate Office Building connected Tuesday, June 3, 2025.
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Sen. Rand Paul (R-Ky.) on Wednesday criticized the Trump administration's determination to instrumentality a 10% stake successful embattled chipmaker Intel, calling the concern "a measurement towards socialism."
Intel announced past period that the U.S. authorities made an $8.9 cardinal concern successful Intel communal stock, purchasing 433.3 cardinal shares astatine a terms of $20.47 per share, giving it a 10% involvement successful the company. Intel noted that the terms the authorities paid was a discount to the existent marketplace price.
Rand said authorities ownership is "a atrocious idea."
"It's ever a mistake to say, 'Well we person this 1 atrocious policy, each right, we'll tolerate a small socialism, but we don't privation anymore," Paul told CNBC's "Squawk Box" connected Wednesday. "I deliberation it's a atrocious idea."
President Donald Trump said connected Truth Social past period that the government's involvement successful the chipmaker is simply a "great Deal for America, and, also, a large Deal for INTEL."
Trump has taken an progressively dense manus successful the backstage sector, raising interest among blimpish lawmakers similar Paul, who person agelong opposed large government. In August, the Trump medication said the authorities would instrumentality 15% of certain Nvidia and Advanced Micro Devices chip income to China. The Pentagon bought a $400 cardinal equity involvement successful rare-earth miner MP Materials. It besides took a "golden share" successful U.S. Steel arsenic portion of a woody to let Nippon Steel to bargain the U.S. concern giant.
Among the astir vocal supporters successful Congress of Trump's Intel connection has been Sen. Bernie Sanders, the self-described antiauthoritarian socialist from Vermont. Sanders, a longtime and vocal Trump critic, told news outlets past period that, "Taxpayers should not beryllium providing billions of dollars successful firm payment to large, profitable corporations similar Intel without getting thing successful return."
But Rand said it's not astute to impact the authorities successful the escaped market.
"I worry that the free market movement, the movement that was a big part of the Republican Party, is being diminished over time," Rand said.
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