President Donald Trump said Thursday that the U.S. will have a “golden share” in U.S. Steel after its deal with Japan’s Nippon Steel closes.

“We have a golden stock. We have a golden share, which I control, or the president controls,” Trump told reporters in the East Room of the White House. “That gives you total control.”

Trump said Americans would have 51% ownership of U.S. Steel without providing details on how the deal is structured.

Pennsylvania Sen. Dave McCormick told CNBC last month that the U.S. will have a golden share that allows it to control a number of U.S. Steel board seats to ensure production levels aren’t cut.

“It’s a national security agreement that will be signed with the U.S. government,” McCormick told CNBC’s “Squawk Box” on May 27.

But the White House, U.S. Steel and Nippon have left investors and union members in the dark for weeks now on what shape the deal will take and when it will be finalized.

Trump announced what he called a “planned partnership” between the two companies on May 23. The president’s statement created confusion because U.S. Steel has said since December 2023 that it will become a wholly owned subsidiary of Nippon North America.

Trump had ordered a new review of the deal in April after President Joe Biden blocked the transaction in January. The Committee on Foreign Investment in the United States submitted a recommendation to Trump on May 21.

The president had 15-days to make a decision on the committee’s recommendation under the normal rules governing the process. But the White House, U.S. Steel and Nippon have not provided details on the status of the deal since the 15-day period ended last week.

The United Steelworkers union sent a letter to U.S. Steel last Friday demanding details about the deal.

“We have seen nothing credible regarding the nature of this so-called partnership, including whether it meaningfully differs from Nippon’s initial proposal to acquire U.S Steel and make it a wholly owned subsidiary,” the union said in a statement Friday addressed to its members.

Trump said U.S. Steel will be “controlled by the USA” during a rally at one of the company’s plants in West Mifflin, Pennsylvania on May 30. Shortly after the rally, however, the president said the deal had not been finalized yet.

“I have to approve the final deal with Nippon, and we haven’t seen that final deal yet,” Trump said.

Chime opened at $43 in its Nasdaq debut on Thursday after selling shares at $27 each in an IPO that valued the online banking company at $11.6 billion.

Late Wednesday, Chime raised about $700 million in its offering, and existing investors sold an additional $165 million worth of shares. The stock is trading under the ticker symbol CHYM.

Chime’s IPO, from a valuation perspective, represents a big step down from where venture investors like Sequoia Capital valued the company in its last fundraising round in 2021, when private tech markets were raging. The valuation at the time was $25 billion.

Still, Chime’s offering is the latest sign that the fintech IPO market is opening up after a multi-year freeze brought on by rising interest rates and valuation resets. Recent debuts from eToro and crypto company Circle have rekindled optimism in the sector, with both stocks seeing strong initial pops.

Chime reported $518.7 million in revenue for the most recent quarter, a 32% increase from a year earlier. Net income narrowed slightly to $12.9 million, down from $15.9 million in the same period last year.

CEO Chris Britt said Chime has built a loyal user base by serving Americans earning $100,000 a year or less, a group often overlooked by traditional banks.

“Two-thirds of our customer base use us as their direct deposit account and primary account relationship,” Britt told CNBC’s David Faber. “We help our members avoid fees, get access to short-term liquidity, build their credit and build their savings — and it’s that combination of services that really resonates and matters most to the everyday consumer.”

Britt said the company reached $25 million in adjusted profitability in the first quarter and has improved its adjusted profit margin by 40 points over the past two years.

The company’s top institutional shareholders are DST Global and Crosslink Capital. Iconiq was one of the firms that invested six years ago, when Chime raised money at a $1.5 billion valuation.

“We first invested in Chime in 2019 and continued to invest through subsequent rounds because of their singular, unwavering focus on serving everyday Americans — and the trust they’ve built with that core customer base,” Yoonkee Sull, general partner at Iconiq, said in an interview.

The average Chime customer completes more than 55 transactions per month using the Chime card and interacts with the app four to five times a day. Active member growth rose 23% in the first quarter from a year earlier, Britt said, with 8.6 million monthly active users and an increasing number turning to Chime to serve as their primary banking relationship.

Customer acquisition doesn’t come cheap. Chime disclosed in its prospectus that it spent $1.4 billion on marketing between 2022 and 2024. Britt said the retention rate is above 90% once users set up direct deposit.

“Sometimes for people, it takes a change in life — a change in their career, a job change — to be the point in time when they actually make the switch and use us as a primary bank account,” he said.

The company’s core revenue comes from interchange fees, the charges merchants pay when consumers swipe Chime-issued debit or credit cards. Britt said 72% of Chime’s revenue is payments-driven, versus traditional banks that rely heavily on fees from overdrafts and minimum balances.

“It’s pretty simplistic,” said Dan Dolev, an analyst at Mizuho. “I’m actually surprised by how unsophisticated that business model is.”

Chime’s performance in the public markets may set the tone for what comes next. Several other fintech players, including Klarna, Gemini, and Bullish, have already filed for IPOs publicly or confidentially.

“If it goes well — and you’ll know that in the next two to three months — I think you’ll see much more receptivity” from other companies in the pipeline, said David Golden, partner at Revolution Ventures and former head of tech investment banking at JPMorgan Chase.

“If it doesn’t go well,” Golden added, “I think they’ll continue just to sit on their hands and wait it out.”

Chime is a five-time CNBC Disruptor 50 company, having made the annual list from 2020-2024.

WATCH: What happens now that the IPO window is open