WASHINGTON — President Donald Trump said that Intel has agreed to give the U.S. government a 10% stake in its business. Speaking with reporters on Friday, Trump said the deal came out of a meeting last week with Intel CEO Lip Bu Tan — which came days after the president called for Tan to resign over his past ties to China.

Intel is about to give up a tenth of itself to the U.S. government. The company’s stock shot up nearly 6% on Friday after Bloomberg broke the story.

President Donald Trump said Intel Corp. had agreed to give the U.S. government a 10% equity stake in the beleaguered chipmaker, with a formal announcement expected on Friday, according to people familiar with the matter.