Nearly half of US voters think it's inappropriate for the government to hold ownership stakes in private companies, according to a new CNBC poll. The survey of 1,000 registered voters, conducted July 8-12, found 49% disapproving, 19% approving, and 32% undecided. The results come as the US government has poured $26.7 billion into 30 deals since 2025, including a 10% stake in Intel that ballooned in value.
Party divides on the question
Opposition cuts across party lines, but not evenly. Two-thirds of Democrats — 66% — said government stakes are inappropriate, compared with 34% of Republicans. Among MAGA Republicans, the split is more complex: 31% in favor, 31% opposed, and 38% holding no opinion. The poll has a margin of error of 3.1 percentage points.
Softening since October
That disapproval has eased since October 2025, when 56% of voters found the stakes inappropriate. The share who approve rose from 13% to 19%, and the undecided group grew from 31% to 32%. The shift suggests the public may be growing more comfortable with the idea — or at least less certain of their objections — as the government continues to strike deals.
The deals behind the numbers
The government's largest bet is in Intel. The Biden-era grants funded a 10% stake worth $8.9 billion at the time. That position has since grown 372%, to $42 billion. More recently, OpenAI reportedly pitched a 5% government stake, valued at roughly $42.6 billion based on the company's $852 billion valuation. The Trump administration views some of these stakes as opportunistic bets and others as part of a broader economic strategy, according to the Council on Foreign Relations, which tracked the 30 deals worth $26.7 billion since 2025.
What's not clear is how the public's shifting views will affect future deals. The next big transaction — or the next big valuation swing — could reshape the debate again.
