American voters expressed skepticism toward U.S. government ownership in private companies, with 49% saying such stakes are inappropriate, according to CNBC's All-America Economic Survey conducted July 8-12 and released Friday. The Trump administration has negotiated 30 deals worth nearly $27 billion in total, according to the Council on Foreign Relations, a nonpartisan think tank. The poll found only 19% of voters say federal government ownership is appropriate, while 32% remain undecided. The survey results reflect shifting attitudes as the administration expands government equity positions in U.S.-based companies for national security and taxpayer return purposes.
CNBC Poll Shows 1,000 Registered Voters Split on Government Ownership
CNBC's All America poll was conducted July 8-12 with a nationwide group of 1,000 registered voters. The poll has a margin of error of plus or minus 3.1 percentage points and was conducted in collaboration with Hart Research Associates and Public Opinion Strategies. Results were released Friday. The administration has held talks with influential artificial intelligence start-up OpenAI about a potential government stake when it goes public, CNBC has reported.
Intel Stake Grows 372% Since August Government Investment
The largest government stake came in August when the U.S. government took 10% ownership of chipmaker Intel. The U.S. government had agreed to provide $8.9 billion in grants to Intel under legislation passed under the Biden administration. The Trump administration decided it wanted equity in exchange, saying that would allow the taxpayer to share in any potential upside. The initial $8.9 billion U.S. stake in Intel has grown 372% since then and was worth $42 billion as of Thursday's close.
Senate Republicans Express Caution on Equity Stakes at Policy Lunch
Commerce Secretary Howard Lutnick discussed the Intel stake with Senate Republicans at a policy lunch last week. "We have to be careful about that," Sen. John Hoeven, R-N.D., said following the meeting. "I understand that he sees value in there for the taxpayer and all that. I'd want to be cautious in this area." Sen. Jon Husted, R-Ohio, also said he was concerned about the trend of the U.S. government taking equity stakes. "I understand that sometimes it makes sense from a national security standpoint and from a taxpayer standpoint," Husted said. But, he added it "shouldn't be permanent." Husted is sponsoring legislation to allow the U.S. government to invest in companies for national-security reasons but only for up to eight years.
Democrats Show Higher Opposition Than Republicans in Survey Results
Democrats are more likely to worry about U.S. government stakes than Republicans. The CNBC poll found 66% of Democrats found it not appropriate for the U.S. to take equity stakes in American companies, while only 34% of Republicans agreed. Self-identified MAGA Republicans split evenly between 31 percent who said such ownership is appropriate and 31 percent who said it's not appropriate. Another 38 percent said they had no opinion on the matter. The new poll results showed a shift from the October 2025 All-America Economic Survey when 56% of voters said it was not appropriate for the U.S. government to own a portion of a private company. At that time, 13% of voters said such ownership was appropriate, with 31% saying they had no opinion.
Pentagon Issues $620 Million Loan to Defense Startup
Other government stakes have come through a coordinated effort by the federal government to make sure the U.S. has secure access to resources and technologies it needs for national defense. The Pentagon has backed a company called MP Materials that mines rare earths within the U.S. ProPublica reported in May that the White House urged the Pentagon to support defense startup Vulcan Elements, a company that had received an investment from a firm linked to Donald Trump Jr., the president's eldest son. The Pentagon issued privately held Vulcan a $620 million loan. A White House official described the ProPublica report on the White House's involvement in Vulcan as "fake news on steroids." A spokesperson for Donald Trump Jr. said he wasn't personally involved in the deal and doesn't discuss his investments with federal government officials.
FAQ
What percentage of Americans oppose government ownership in private companies according to the CNBC survey?
According to CNBC's All-America Economic Survey conducted July 8-12, 49% of Americans say it is not appropriate for the U.S. government to take ownership in U.S.-based companies, while 19% say it is appropriate and 32% remain undecided.
How much has the U.S. government's Intel stake increased in value?
The U.S. government's initial $8.9 billion stake in Intel taken in August has grown 372% and was worth $42 billion as of Thursday's close, according to the article.
How do Democrats and Republicans differ on government equity stakes in companies?
The CNBC poll found 66% of Democrats found it not appropriate for the U.S. to take equity stakes in American companies, while only 34% of Republicans agreed. Self-identified MAGA Republicans split evenly at 31% supporting and 31% opposing such ownership.
