Intel chief executive Lip-Bu Tan bought 150,000 Intel shares on 2 November at a weighted average price of $64.7312, about $9.7 million, according to a Form 4 filed with the SEC on 4 November. The shares were bought through his family trust.
With his 11 August purchase of 105,263 shares at $95.00, Tan has bought 255,263 Intel shares for about $19.7 million since August, an average of $77.21 a share, by our arithmetic. At $58.42 at 1:24 p.m. ET on 4 November, according to Nasdaq.com, those shares were worth about $14.9 million, 24.3% below their cost.
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The key insight: Lip-Bu Tan has put about $19.7 million into Intel shares since August, an average of $77.21 a share, by our arithmetic from his Form 4 filings: $10.0 million at Intel’s $95.00 offering price and $9.7 million at $64.73 on 2 November.
The 4 November Form 4 reports a purchase, transaction code P, of 150,000 shares on 2 November. A footnote says the trade “was executed in multiple trades at prices ranging from $64.705 to $64.735”. After it, the family trust held 1,464,669 shares.
The filing also lists 16,471 shares held directly and 500 in a 401(k). By our arithmetic, Tan’s reported holdings total 1,481,640 shares, and the 2 November purchase raised the trust’s holding by 11.4%.
The earlier Form 4, filed on 14 August, reports 105,263 shares bought on 11 August at $95.00, about $10.0 million, by our arithmetic. The 2 November price was 31.9% below that August price.
Prices per Intel share: Lip-Bu Tan’s 11 August purchase at $95.00 (Intel’s offering price), his 2 November purchase at a $64.7312 weighted average, the $77.21 average of both (our arithmetic) and the $58.42 Nasdaq.com price at 1:24 p.m. ET on 4 November. Sources: Intel Form 4 filings of 14 August and 4 November 2026.
The August Price Was the Offering Price
$95.00 was the public offering price in Intel’s August share sale. Intel’s prospectus supplement dated 10 August offered 210,526,315 shares at $95.00, a total of $19,999,999,925, and said: “Lip-Bu Tan, our Chief Executive Officer, and one of his family members have agreed to purchase $12 million of the shares being offered in this offering at the public offering price”.
The two purchases differ in kind. In August Tan bought in a company share sale at a set price; on 2 November the Form 4 shows a purchase spread across multiple trades in a 3-cent price range.
After Intel’s Fall
Intel closed at $65.76 on 30 October, 28.6% below its 29 October close of $92.07, according to Yahoo Finance figures in our 30 October piece, after third-quarter results and fourth-quarter guidance. CNBC called it Intel’s worst day since the 1970s.
Tan’s 2 November price of $64.7312 was about 1.6% below that 30 October close, by our arithmetic. By 1:24 p.m. ET on 4 November Intel traded at $58.42, down 3.52% on the day, according to Nasdaq.com: 38.5% below the August price and 9.8% below the November one, by our arithmetic.
As we read the filings, the two purchases are different signals: the August shares came in a company offering at a set price, alongside $20 billion raised from investors; the November shares were bought in the market, in multiple trades, on the next trading day after Intel’s 30 October fall.
As we read the numbers, the August lot carries most of the paper loss: at $58.42 it was 38.5% below cost, against 9.8% for the November lot, by our arithmetic.
Intel prospectus supplement, 10 August 2026
“Lip-Bu Tan, our Chief Executive Officer, and one of his family members have agreed to purchase $12 million of the shares being offered in this offering at the public offering price”
Three Implications
FOR INTEL SHAREHOLDERS The 4 November Form 4 lists 1,481,640 shares held by Tan across his family trust, direct holdings and 401(k), by our arithmetic.
FOR THE AUGUST OFFERING Intel sold 210,526,315 shares at $95.00, a total of $19,999,999,925, the prospectus says; $58.42 is 38.5% below that offering price, by our arithmetic.
FOR READERS OF FORM 4S Transaction code P marks a purchase; the 2 November footnote says it was executed in multiple trades between $64.705 and $64.735.
The framework says: “Allocation power at the foundry is now more consequential than chip design itself”.
As we read it, Intel sits at that foundry layer of the stack, and its chief executive is now buying its shares at prices well below the August offering. The framework predates these purchases and does not discuss them.
The Form 4 does not say why Tan bought the shares. The prospectus said Tan and a family member agreed to buy $12 million in the August offering; the 14 August Form 4 shows $10.0 million bought through the trust, and the filings we read do not account for the difference. The 4 November price is intraday.
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Lip-Bu Tan has bought 255,263 Intel shares since August for about $19.7 million, $10.0 million in Intel’s $95.00 offering and $9.7 million at $64.73 on 2 November, an average of $77.21 a share, by our arithmetic from his Form 4 filings. At 1:24 p.m. ET on 4 November the shares were worth about $14.9 million.
A note on sourcing. Share counts, prices and holdings are from Lip-Bu Tan’s Form 4 filings of 14 August and 4 November 2026 on SEC EDGAR; the $95.00 offering price and the $12 million commitment are from Intel’s prospectus supplement of 10 August 2026. The 4 November price is a Nasdaq.com intraday quote at 1:24 p.m. ET. Totals, averages and percentages are our arithmetic.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
