TLDR
- Intel CEO Lip-Bu Tan pursued at least three deals that could financially benefit him through his venture capital investments
- Intel’s board blocked Tan’s pitch to buy Rivos after citing conflict of interest concerns
- A bidding war between Intel and Meta pushed Rivos valuation from $2 billion to around $4 billion
- Intel implemented recusal policies requiring Tan to skip votes on deals where he has conflicts
- Intel stock has doubled since Tan’s appointment in March 2025
Intel CEO Lip-Bu Tan has pursued multiple deals that could boost his personal fortune through his venture capital investments. According to a Reuters report, at least three transactions have raised questions about potential conflicts of interest.
Tan chairs AI chip startup Rivos while also serving as Intel’s CEO. He pitched Intel’s board on buying Rivos in summer 2025, but the board rejected the idea.
The board told Tan he had a conflict representing both companies. They also said he lacked a clear AI strategy to justify the purchase, according to three sources familiar with the events.
Tan then asked an Intel executive to develop a new AI plan. This led to partnership talks with Rivos instead.
But Meta had already been pursuing Rivos and made an offer. Intel countered with its own bid, sparking a bidding war.
Bidding War Drives Up Startup Value
The competition pushed Rivos valuation well above the $2 billion it sought in earlier fundraising. Some sources said the final package reached around $4 billion.
Meta announced it would buy Rivos in September. Tan’s venture capital firm, Walden Catalyst, later celebrated the “successful outcome” in a blog post.
Reuters could not determine Tan’s exact profit because the financials are private. But his firm publicly touted the returns for investors.
Rivos was not the only startup where Tan had interests on both sides. Sources said he also pitched Intel on buying SambaNova, where he serves as executive chairman.
The rationale was that SambaNova could provide technology and talent for Intel’s AI chip efforts. SambaNova declined to comment on any talks with Intel.
New Policies Address Conflicts
Intel has implemented policies requiring Tan to recuse himself from investment decisions where he might benefit. He cannot attend or vote in board meetings or Intel Capital investment committee meetings if he has a conflict.
When Tan recuses himself, decision-making authority goes to Chief Financial Officer David Zinsner. Zinsner reports directly to Tan.
Intel’s board knew about Tan’s extensive investments when they hired him in March. They accepted the potential conflicts, hoping he could revive the struggling chipmaker that lost $19 billion last year.
The board said it wants Intel to “fully leverage his vast network” to capture new opportunities. An Intel spokesperson said the company maintains “unwavering commitment to the highest standards of corporate governance.”
Tan doesn’t view his dealmaking as conflicted, according to sources familiar with his thinking. He believes his dual roles let him negotiate deals that benefit all parties.
The SEC won’t require Intel to disclose related-party transactions involving Tan until spring 2026. Regulations require disclosure when transactions benefiting officers exceed $120,000.
Tan’s portfolio previously drew scrutiny in April when Reuters found his investment firms held stakes in over 600 Chinese companies. President Trump called Tan “highly CONFLICTED” at the time.
Tan cleared up Trump’s concerns in an Oval Office meeting. This led to collaboration on national security issues and helped secure an $8.9 billion government investment in Intel.
Intel’s share price has roughly doubled since Tan’s appointment. The gains have outpaced both the S&P 500 and Nvidia during the same period.
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