The Trump administration said Friday that it had taken a 10% stake in Intel, President Donald Trump’s latest extraordinary move to exert federal government control over private business.

The United States will not seek direct representation on Intel's board and pledged to vote with the current Board of Directors on matters requiring shareholder approval, "with limited exceptions," according to a joint release from the Trump administration and Intel. The move also comes as the United States vies with China in the race to dominate the artificial intelligence industry.

Trump also announced the deal on his Truth Social platform Friday, praising the company's CEO just two weeks after he called on the executive to resign over alleged China ties.

"It is my Great Honor to report that the United States of America now fully owns and controls 10% of INTEL, a Great American Company that has an even more incredible future," he wrote. "I negotiated this Deal with Lip-Bu Tan, the Highly Respected Chief Executive Officer of the Company. The United States paid nothing for these Shares, and the Shares are now valued at approximately $11 Billion Dollars. This is a great Deal for America and, also, a great Deal for INTEL. Building leading edge Semiconductors and Chips, which is what INTEL does, is fundamental to the future of our Nation."... Read More: NBC News