Government will take stakes in more companies, top Trump adviser says

Catch up quick: Last week, the government said it would take a nearly 10% position in Intel, in exchange for grants previously awarded to the chipmaker.

What they're saying: Hassett, in a CNBC interview Monday morning, referred to that investment as a "down payment" on the creation of a sovereign wealth fund, something President Trump has said he wanted the country to have.

• "The president has made it clear, all the way back to the campaign, that he thinks that, in the end, it would be great if the U.S. could start to build up a sovereign wealth fund. And, so, I'm sure that at some point there'll be more transactions, if not in this industry, then in other industries," Hassett said.
• Hassett went on to say it was "absolutely right" that the government could seek stakes in more companies.

President Trump took to Truth Social Monday morning to defend the Intel investment against critics who said it was excessive government intrusion in the private sector.

• "I PAID ZERO FOR INTEL, IT IS WORTH APPROXIMATELY 11 BILLION DOLLARS. All goes to the USA. Why are 'stupid' people unhappy with that?" he wrote.

The intrigue: He went on to frame the deal as good for stock prices and American jobs, adding that he "will also help those companies that make such lucrative deals with the United States."

• Administration officials have downplayed any suggestion that the government could use its stake in Intel to influence others to do business with the company.

Editor's note: This story has been updated with comments by President Trump.