Bu Tan to resign on Thursday, prompting a slide in the technology company's stock."The CEO of Intel is highly CONFLICTED and must resign, immediately," Mr. Trump posted on Truth Social, without providing additional details.

Lip-Bu Tan began working as Intel CEO in March. Since then, he scaled back projects and reduced headcount in efforts to rightsize the chip maker.

Intel CEO Lip-Bu Tan is already facing an uphill battle in turning around the ailing chipmaker. Now, U.S. President Donald Trump's demand that Tan resign over his ties to Chinese firms will only distract him from that task,