India, Aug. 7 -- President Donald Trump on Thursday demanded the immediate resignation of Intel's newly appointed CEO, Lip-Bu Tan, citing what he described as "highly conflicted" ties to Chinese technology firms. In his Truth Social Post, he wrote, "The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!" Intel shares faced heat as they fell sharply in premarket trading following Trump's statement, with the stock last down around 5%, as reported by NBC News. See Trump's post here.

Trump's demand for Lip Tu Ban's resignation comes a day after a letter was sent to Intel's board by Senator Tom Cotton (R-Ark.). The letter raised concern abou...