Intel Corporation (NASDAQ:INTC) shares have risen in recent days with reports that the U.S. government could be acquiring 10% of the company. Entrepreneur and "Shark Tank" investor Kevin O'Leary isn't a fan of the potential government stake.
O'Leary on Intel Stake
Perhaps best known for investing in companies on "Shark Tank," O'Leary said entrepreneurs are what have made the technology sector great and the U.S. government should stay out.
"I hate this idea a lot," O'Leary said on the potential government stake in Intel.
O'Leary told hosts on NewsNation that he would never put his money into Intel, calling the chip stock a loser.
"In technology, we let the losers die and their assets get acquired by the winners. That's what makes America great."
O'Leary said he's read the Chips Act from President Joe Biden and called it "awful."
"We should just cancel it."
The investor said that people don't need to back losers like Intel. O'Leary asked why taxpayers would be forced to invest in the dying company.
"I hate the concept of the government picking winners."
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O'Leary's Solution
In the tweet sharing the video, O'Leary highlighted one potential solution to help companies.
"If we want a real industrial policy, there's a better way: use tax incentives," O'Leary tweeted.
The investor said private investments are what helps create "growth, efficiency and innovation without wasting resources."
O'Leary highlighted the recent investment into Intel by Softbank.
"Let the private sector buy this thing and fix it."
The investor said America has been so good with entrepreneurship and that's why the country leads the world in the technology sector.
"Don't mess with it. Ever."
O'Leary said Intel should go behind the barn and shoot itself.
"It's a dog. It's an absolute loser."
During the interview, O'Leary was also asked about rare earth company MP Materials Corp (NYSE:MP), which got a $400 million public-private partnership from the U.S. Department of Defense.
O'Leary brushed off the notion that the government should invest in the company because of a battle against China for rare earth minerals.
O’Leary said the government should offer companies and investors in the rare earthquake minerals space tax permits and tax incentives. The investor said this could lead to money pouring into the sector without the government taking on risk.
"I have to take the risk as an investor. You don't have to take the risk as the government. Taxpayers don't have to take the risk."
O'Leary said this is what makes America great.
"The government stays out of it."
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