President Trump called on Intel CEO Lip-Bu Tan to resign on Thursday, prompting a slide in the technology company's stock.

"The CEO of Intel is highly CONFLICTED and must resign, immediately," Mr. Trump posted on Truth Social, without providing additional details. "There is no other solution to this problem. Thank you for your attention to this problem!"

Intel did not immediately respond to CBS MoneyWatch's request for comment. Its shares slipped 64 cents, or 3%, to $19.77 on Thursday.

The president's call for Tan's resignation comes after Sen. Tom Cotton, a Republican from Arkansas, sent a letter to Intel Chairman Frank Yeary on Tuesday expressing concern over Tan's investments and ties to Chinese businesses.

"Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms," Cotton wrote in the letter. "At least eight of these companies reportedly have ties to the Chinese People's Liberation Army."

Cotton went on to mention Cadence Design Systems, the multinational tech company where Tan served as CEO from 2009 to 2021, and which pleaded guilty last week to unlawfully exporting its products to a Chinese military university and transferring its technology to an associated Chinese semiconductor company without obtaining licenses. 

"These illegal activities occurred under Mr. Tan's tenure," Cotton wrote. 

The senator asked Yeary to respond to a series of questions on Tan's ties to the Chinese companies by Aug. 15.

In response to the allegations, Intel on Thursday posted a letter penned by Tan to employees, in which the CEO affirmed his commitment to the company and pushed back against what he referred to as "misinformation" about his previous roles.

"I want to be absolutely clear: Over 40+ years in the industry, I've built relationships around the world and across our diverse ecosystem — and I have always operated within the highest legal and ethical standards," Tan wrote. "My reputation has been built on trust — on doing what I say I'll do, and doing it the right way. This is the same way I am leading Intel."

The company also shared a statement with CBSMoneyWatch that said Intel, its board of directors, and Lip-Bu Tan are "deeply committed to advancing U.S. national and economic security interests and are making significant investments aligned with the President's America First agenda."

Tan, a technology investor and veteran of the semiconductor industry, was appointed CEO of Intel in March. 

The Associated Press contributed to this report.