Michael Moritz, Sequoia Capital
Scott Mlyn | CNBC
Renowned venture capitalist Mike Moritz called on Intel to stand by CEO Lip-Bu Tan after President Donald Trump demanded his resignation last week.
“Trump’s assault has no modern precedent,” Moritz wrote, calling the attack a “vindictive political sideshow.”
Moritz, who spent decades at Sequoia Capital and has known Tan for nearly four decades, highlighted the CEO’s previous turnaround of Cadence Design Systems. Moritz said there is “no one better equipped to transform Intel’s fortunes.”
“Now the Intel board must decide whether to march to the beat of so many other corporate leaders and capitulate to the president’s artless bullying or to set an example for other companies and display some backbone,” he wrote in a piece published in the Financial Times Sunday. “Early signs of defiance are encouraging.”
Tan is set to visit the White House on Monday to assuage concerns about his background and discuss ways that Intel can work with the U.S. government.
Intel shares were up nearly 5% Monday. The Wall Street Journal was first to report Tan’s White House visit.
In a post to Truth Social last week, Trump called for Tan’s resignation and said the 65-year-old was “highly CONFLICTED.” Sen. Tom Cotton, R-Ark. has also raised questions over Tan’s ties to Chinese companies and the potential national security risks.
Tan later addressed the “misinformation” in a letter to employees, saying that he has “always operated within the highest legal and ethical standards.”
Moritz joined Sequoia Capital in 1986 and stepped down in 2023. During his tenure, he made successful early bets on the likes of Google and PayPal.
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