During a press conference intended to promote lower prices for weight-loss drugs, President Donald Trump made a striking remark to Novo Nordisk CEO Maziar Mike Doustdar.
Sitting in the Oval Office this week, Trump said directly, “Maybe you should give us a piece of the company like I’ve been asking for, give the United States a nice big chunk of the company.”
The comment, captured on live television, was brushed off with a chuckle by Doustdar, who quickly pivoted back to discussing the company’s recent acquisition.
But Trump’s statement reignited concerns about his administration’s growing pattern of acquiring ownership in private companies, a trend that many critics would have decried as government overreach if proposed by a progressive.
Matthew Gertz from Media Matters summed up the irony in a post on X:
“They warned us that if Mamdani won, the government would try to seize the means of production, and here we are,” quoting a viral clip of Trump’s demand.
Not Just Talk: Government Now Owns Stakes in Five Public Companies
While some observers wrote off Trump’s comments as a joke, his administration has already taken real financial stakes in several major U.S. companies.
These moves are being framed as national security measures, aimed at shoring up control over strategic resources and manufacturing.
Here’s the current list, according to Benzinga, in chronological order:
MP Materials
The Department of Defense bought a 15% stake in MP Materials on July 11, giving the U.S. a major interest in the only fully integrated rare earth mining and processing operation in the country.
The move is meant to reduce American reliance on Chinese rare earths, which are crucial for electronics and defense systems.
MP’s stock has surged nearly 65% since the government stepped in, rising from $45.11 to $74.33.
Intel Corp
The administration converted $5.7 billion in CHIPS Act grants into a 10% equity stake in Intel.
The deal, finalized on Aug. 22, aims to stabilize the company’s struggling foundry business and prevent a potential spinoff.
It also includes a five-year warrant that lets the government buy another 5% at $20 a share if Intel loses control of the unit.
Shares of Intel jumped nearly 48% after the deal, from $24.80 to $36.59 by Oct. 6.
Lithium Americas
On Oct. 1, the federal government took a 10% stake in Lithium Americas while restructuring a $2.26 billion loan for its Thacker Pass lithium mine in Nevada.
The mine is expected to become the largest in the Western Hemisphere by 2028 and will support U.S. electric vehicle battery production.
The company’s stock rose about 20% in the first week after the deal, from $7.04 to $8.45.
Trilogy Metals
The White House invested $35.6 million for a 10% stake in Trilogy Metals and gained warrants to buy another 7.5%.
The company is developing mining operations in Alaska’s Ambler Mining District, one of the world’s largest untapped copper-zinc mineral belts.
Following the announcement, Trilogy’s stock skyrocketed by over 215% in after-hours trading.
U.S. Steel Corporation
In a less conventional move, the administration secured a “golden share” in U.S. Steel when it was acquired by Japan’s Nippon Steel.
The golden share gives the U.S. government permanent veto power over decisions such as relocating the company’s headquarters or offshoring jobs.
Despite that control, the stock has since fallen nearly 78% on the OTC market.
More Government Buying to Come?
Commerce Secretary Howard Lutnick recently hinted that this strategy is just getting started.
He told reporters the administration is eyeing investments in major defense contractors, including Lockheed Martin Corp., arguing that such companies are already de facto arms of the U.S. government due to their dependence on federal contracts.
Viral Moment
Back in the Oval Office, Trump’s comment about getting a “chunk” of Novo Nordisk might have overshadowed the entire point of the press conference, a pledge to lower the cost of weight-loss drugs.
The moment turned even more chaotic when a guest collapsed during the event.
Cameras captured the aftermath, showing Trump standing still and looking away as staff and medical professionals rushed to help.
The scene went viral, with MSNBC’s Lawrence O’Donnell saying on “The Last Word” that the image “should become the Trump second-term official portrait.”
“He looked and then turned away,” O’Donnell said. “And then Donald Trump, a person without a single sympathetic instinct, stood staring straight ahead, as if pretending that whatever suffering the man behind him was experiencing wasn’t happening.”
O’Donnell went further, saying, “They wouldn’t turn away. We know what Joe Biden would have done. We know what Barack Obama would have done. We know what George W. Bush would have done. They would have gotten physically involved in reaching down to help that person.”
He connected the president’s cold response to a broader trend:
“Donald Trump did that today with a man on the floor in the Oval Office, and he did it today with millions of American air travelers whose planes he is threatening,” referencing the travel chaos amid a government shutdown.
“And he did it today with millions of Americans who are worried about their ability to afford food because Donald Trump is trying to take their [SNAP] benefits away.”
Trump has made sweeping claims about cutting drug prices in the past, often suggesting mathematically implausible reductions.
He also announced plans to launch a government-run website to sell prescription drugs directly to consumers.
But critics argue that these moves conflict with the administration’s tariffs and broader economic policies, which some economists say have fueled inflation and undermined supply chain stability.
The Bigger Picture
Whether Trump’s request to Novo Nordisk was made in jest or not, it fits into a broader pattern: an administration comfortable using public funds to gain control over private enterprise.
That alone marks a major shift in how the U.S. government interacts with the free market.
And it’s causing some cognitive dissonance across the political spectrum. Some observers noted that if Biden, Obama or Kamala Harris proposed such aggressive government involvement in private enterprise, it would have likely sparked widespread outrage across the right wing.
The reactions to Trump’s approach, however, have been almost non-existent among his supporters.
As it stands, Trump’s direct line, “Maybe you should give us a piece of the company,” may become the defining quote of the administration’s new industrial policy era.
For now, five companies are already in Uncle Sam’s portfolio. And if Trump’s offhand remarks are any indication, more could be added soon.
IMAGE CREDIT: ”Donald Trump” by Gage Skidmore, via Flickr. Licensed under CC BY-SA 2.0. Image adjusted for layout.