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The company also said that the shares to be issued to the US government at a discount to the current market price are dilutive to existing stockholders.
The government is purchasing Intel shares at a $4 discount to Intel’s closing stock price of $24.80 on Friday.
The government’s stake also reduces the voting influence of other stockholders, while its substantial additional powers over laws and regulations impacting Intel may limit Intel’s ability to pursue transactions that benefit shareholders, the filing said.
Trump added that “stupid people” are upset by the deal, which he said will bring more jobs and money to the US economy.
But the deal comes on the heels of wide layoffs at Intel. Last month, the company announced that it would cut roughly 25,000 jobs by the end of 2025.