According to Reuters on November 28, Intel stated on Wednesday that the $7.86 billion subsidy it received from the USA government limited the company's ability to sell its shares in the chip manufacturing sector as an independent entity. Intel CEO Pat Gelsinger previously stated in September that the company plans to spin off its chip manufacturing business into a subsidiary named Intel Foundry and is willing to bring in external investors for this division. Intel stated in a securities filing on Wednesday that if the division is spun off as a new private holding entity, the subsidy requires it to own at least 50.1% of Intel Foundry. If Intel Foundry becomes a publicly listed company and Intel is not the largest shareholder, the company can only sell 35% of Intel's foundry shares to any single shareholder, otherwise it would violate the clause on change of control. Intel has not immediately responded to requests for comments on the disclosure. A Commerce Department spokesperson stated that the government is negotiating change of control clauses with all direct subsidy recipients.