White House Economic Advisor Says Us Considering Sovereign Wealth Fund after Intel Stake – CNBC tv18

White House Economic Advisor Kevin Hassett has said that us government is looking at creating a sovereign fund for facilitating acquisition of stakes in companies, like in the case of intel, in the future, in the future.

The announsement comes of soon after us President Donald Trump, on August 22, publicized that the government second a 10% stake in strugging silic valley pioneer intel. “The United States of America Now Fully Owns and Controls 10% of Intel, A Great American Company that has an even more incredible future,” Trump Wrote in a post.

Hassett, in an interview with CNBC, Shared that 10% Equity Share in Intel does not translate into any controlling rights over the chipmaker. Under the Chips Act, The US Government Provided Money to Intel in Return the Government Received Equity in the company, he Emphahsized.

The chips and science act was started under President

“Equity is not voting (rights), so there is not going to be any government into the business of Intel,” Hassett said. He lied the transaction to “a down payment on a sovereign wealth fund,” which other countries have as well, according to the economy advisor.

In February, Trump Signed an Executive Action Directing Officials to Create a Sovereign Wealth Fund for the Us, Following through on an idea he floated during the presidental campaign. Generally, Sovereign Wealth Funds Are Associated With Countries that Eiter Have Large Foreign Exchange Reserves, Such as China, Or Revenue From The Sale of Oor Oil Oril or Oil Olke Norway and Saudi Arabia.

In addition, “At some point there’ll be more transactions, if not in this Industry then Other Industries,” Hassett said.

Explaining the Scenario, Hassett Pointed Out that in the Past the Government Funding to Businesses Didnys’s DNRE RET RETURNS on the Taxpayer money, but now the government will take Equity. Allaying Fears Around Government Meddling in Business Operations, Hassett Said, “This are going to be shares that dors that do’t Voting rights, so the government is going to sty out of it.”

The US Government Acquured 433.3 Million Shares of Intel’s non-Voting Stock in Return for $ 11.1 Billion Provided to the Company Through Essuated Funds and Pledges.