Intel ($INTC) CEO Lip-Bu Tan purchased $9.71 million in shares through his family trust on November 2 after the stock plunged 28.6% on October 30 following a weaker-than-expected fourth-quarter outlook. Shares continued falling afterward, bringing their one-month decline to approximately 51% by November 4.
- Tan bought 150,000 shares at a weighted average $64.7312, increasing his family trust’s holdings to 1,464,669 shares. The transaction was disclosed November 4.
- Shares traded around $58.30 on November 4, approximately 10% below his purchase price.
- Tan previously purchased approximately $10 million in shares at $95 in August.
- Third-quarter revenue rose 21% year-over-year to $16.5 billion, with adjusted earnings of $0.52 per share.
- Fourth-quarter guidance projected revenue of $15 billion to $16 billion and adjusted earnings of $0.25 per share. Management expects PC weakness through at least the first half of 2027.
- October lobbying disclosures covered CHIPS Act funding, government investment, semiconductor manufacturing tax credits, tariffs and export controls.
Relevant Companies
- Intel ($INTC): Its CEO increased his holdings during the selloff.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
