Trump points to national security in blocking Broadcom’s attempted Qualcomm takeover
Donald Trump just put his presidential foot down, and made serious waves in the world of tech in the process.
However, instead of declaring his latest whim via Twitter, the 45th president of the United States turned Monday afternoon to something a little more official to drop the metaphorical bomb: a presidential order. Specifically, an order blocking the proposed acquisition of Qualcomm by Broadcom.
In the order, Trump insisted that the purchase might "impair the national security of the United States."
Qualcomm is an American company that builds chips used in LTE networks. Broadcom is based in Singapore, and is in the process of moving its headquarters to the U.S.
"The Purchaser and Qualcomm shall immediately and permanently abandon the proposed takeover," the order continues.
Notably, the details of what Bloomberg describes as "a $117 billion hostile takeover" hadn’t been finalized yet, and following this order from Trump they may never be.