Intel sells share stake in Arm

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Intel has sold its 1.18 million share stake in British semiconductor company Arm.

According to a regulatory filing, Intel raised an estimated $146.7 million from the sale based on Arm's average share price between April and June, according to Reuters calculations.

Arm debuted on the Nasdaq Fund Network in September last year, closing its first day of trading at $63.59 after an IPO price of $51. It was the fifth most traded stock in the world during its debut.

Intel's decision to sell its stake in Arm comes after it announced a wave of layoffs as part of a $10 billion cost-cutting plan earlier this month, affecting more than 15% of its global workforce.

Chief Executive Pat Gelsinger said the decision was made due to a lack of revenue growth, adding that Intel's “annual revenue in 2020 was approximately $24 billion higher than last year” despite a 10% increase in staff.

This article states that Intel sold its $1.18 million stake in Arm, which has been corrected to its stake of 1.18 million shares.

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