Sen. Rand Paul Slams Trump Admin's Intel Stake As ‘Step Towards Socialism’

Rand Paul blasted the Trump administration’s $8.9 billion investment in Intel, calling the government’s 10% stake “a step towards socialism.” Speaking on CNBC's Squawk Box, Paul said government ownership in private companies is “a bad idea” and warned it diminishes the free market principles that once defined the Republican Party. Trump defended the stake as a “great deal for America,” while the White House argued taxpayers will benefit from the upside of such investments. Trump has expanded government involvement in the private sector, alarming conservatives like Rand Paul, who oppose big government. Recent moves include taking a cut of Nvidia and AMD sales to China, buying a $400 million stake in MP Materials, and securing a “golden share” in U.S. Steel.