Emails: Palantir blames Morgan Stanley for ‘blemished’ direct listing

  • In two emails sent internally this weekend, Palantir Technologies blamed Morgan Stanley for a “failure” that left some employee and alumni shareholders unable to sell their shares when the company made its public debut last Wednesday.
  • The problem stemmed from a glitch with Morgan Stanley’s trading platform Shareworks.
  • In an unsigned email sent late in the evening Sunday, Palantir said it had heard from Morgan Stanley that the bank was in a “war room” all weekend working to determine which shareholders were owed compensation. 
  • A spokesperson for Shareworks at Morgan Stanley said the issue was a “slowness” that “may have resulted in delayed logins into our system.”
  • Visit Business Insider’s homepage for more stories.

Palantir placed blame squarely on Morgan Stanley following a glitch in the bank’s trading software Shareworks on Wednesday, according two unsigned emails sent to “Palantirians” on Saturday and Sunday, which were obtained by Business Insider.

That

Read More

Joe Lonsdale: Why we built Palantir and what’s next after going public

  • The software and data-analytics company Palantir Technologies went public on September 30 with a direct listing, instead of a traditional IPO, and is estimated to win a market valuation of $22 billion.
  • In this op-ed, Joe Lonsdale — one of the company’s cofounders alongside Peter Thiel and others — writes that Palantir’s reputation as an evil surveillance system is ironic because the company is the most sophisticated privacy engine and has kept the US safe.
  • Lonsdale says Palantir’s starting mission was to create a secure intelligence network to help prevent the next 9/11. Now its platform is being used in COVID-19 response efforts by key decision-makers in over 35 countries.
  • This is an opinion column. The thoughts expressed are those of the author. You can read more on Business Insider’s coverage of Palantir and its cofounders here.
  • Visit Business Insider’s homepage for more stories.

In 2010, I gave a speech

Read More

Secretive, never profitable Palantir makes market debut

BOSTON (AP) — Seventeen years after it was born with the help of CIA seed money, the data-mining outfit Palantir Technologies is finally going public in the biggest Wall Street tech offering since last year’s debut of Slack and Uber.

Never profitable and dogged by ethical objections for assisting in the Trump administration’s deportation crackdown, Palantir forged ahead Wednesday with a direct listing of its stock, gaining 31% in its first trading day.

Rather than selling newly minted shares to raise money; Palantir listed existed shares for public trading. After a delay, trading began after noon and the stock closed at $9.50 after reaching a peak of $11.42.


The low-key stock strategy was in character for a secretive company long reliant on spies, cops and the military as customers — and whose founders are keeping voting control of the company.

The big question for both investors and company management: Can

Read More

Palantir Slips on First Day After Long-Awaited Listing

(Bloomberg) — Palantir Technologies Inc. fell 5% from its opening trades in its debut as a public company, ending a 17-year tradition of secrecy surrounding the software business co-founded by Peter Thiel.

Loading...

Load Error

The data analytics company’s share price fell to $9.50 after opening Wednesday at $10 on the New York Stock Exchange. Palantir listed its shares directly on the exchange, rather than raising capital through an initial public offering. As in the three other major direct listings that have taken place, the exchange had set a reference price — $7.25 for Palantir — to help guide investors and to allow shares to begin trading.

Palantir ended the day with a market capitalization of about $15.7 billion based on its listed shares, according to data compiled by Bloomberg. On a fully diluted basis based on all the shares covered in its filings, the company has a value of almost

Read More

Palantir officially begins trading through a direct listing

  • Shares of the big data company Palantir began trading on Wednesday via a direct listing.
  • The New York Stock Exchange established a reference price of $7.25 per share, valuing the company at about $16 billion ahead of its official debut.
  • Palantir has yet to become profitable, raising questions from investors.
  • Palantir also has faced criticism from activists for its work with Immigration and Customs Enforcement, which the company has acknowledged poses a risk to its business — partially because yielding to the criticism might endanger its business with government clients.
  • Visit Business Insider’s homepage for more stories.

Palantir, the secretive and often-controversial big data company founded by Peter Thiel, made its public markets debut on Wednesday with a splash, as investors bid up shares and gave the company a roughly $19 billion market capitalization.

Shares of Palantir began trading on the New York Stock Exchange on Wednesday through a direct

Read More

Palantir valued at $23 billion as shares pop in public market debut

(Reuters) – Shares of Palantir Technologies Inc PLTR.N, the U.S. data analytics firm known for its work with the Central Intelligence Agency and other government agencies, rose 48% on its public market debut on Wednesday, valuing the company at more than $23 billion.

The listing is a landmark moment for Palantir, putting an end to years of speculation about when the company, co-founded by billionaire Peter Thiel in 2003, would go public and how much it would be worth.

Palantir’s shares opened at $10 and rose to around $10.70, up from the reference price of $7.25 set by the New York Stock Exchange on Tuesday. The shares traded at a peak of $11 in the private market in September and at a weighted average price of $9.17.

The listing lifts Palantir’s valuation above the $20 billion the company was valued in a 2015 private fundraising round.

There has been

Read More

Facebook’s billions are backing two tech direct listings on Wednesday: Palantir and Asana

  • Palantir and Asana are pursuing direct listings, following the path of Spotify and Slack.
  • Peter Thiel, an early Facebook investor and board member, co-founded Palantir and invested early in Asana.
  • Dustin Moskovitz made billions of dollars as a Facebook co-founder and used some of it to start Asana in 2008.



Peter Thiel wearing a suit and tie smiling at the camera


© Provided by CNBC
Peter Thiel

On the last day of the New York Stock Exchange’s

NYSE president Stacey Cunningham: September is on track to be the busiest month for IPOs due to pent-up demand

UP NEXT

UP NEXT

, two tech companies are taking a different approach to going public.

Software makers Palantir and Asana are launching direct listings on Wednesday, allowing existing shareholders to sell stock to new investors rather than raising money through a traditional share sale.

Loading...

Load Error

It’s not the only thing they have in common. Both companies were born in the San Francisco

Read More

The Technology 202: Activists slam Palantir for its work with ICE ahead of market debut

But activist groups and human rights watchdogs say that the company’s track record of working with Immigration and Customs Enforcement and countries with questionable human rights records makes it a bad investment. They spent the last week protesting online and in-person to highlight concerns to investors ahead of the public listing. 

“There is a high risk that Palantir is contributing to human rights violations of asylum-seekers and migrants through the ways the company’s technology facilitates ICE operations,” Amnesty International said in a report released yesterday that accused Palantir of failing to guarantee its software isn’t being used to aid in human rights abuses and racial profiling against migrants. Palantir, which declined to comment for this piece citing its “quiet period” running up to the public listing, has said its software is not used for raids or deportations. 

Co-founded by Peter Thiel, a prominent donor to President Trump, the company has

Read More

Palantir is expected to fetch a $22 billion valuation in its market debut next week, report says



Arnd Wiegmann/Reuters


© Arnd Wiegmann/Reuters
Arnd Wiegmann/Reuters

  • Palantir, the secretive technology firm, could fetch a $22 billion price-tag at its planned market debut on September 30, the Wall Street Journal reported on Thursday.
  • Palantir’s bankers have said the company could start trading at $10 a share, equating to a market valuation of about $22 billion.
  • The controversial company is choosing to bypass the traditional initial-public-offering route, and opt for a direct listing instead.
  • In the past year, Palantir’s stock in its private listing has trended higher.
  • Visit Business Insider’s homepage for more stories.

Big-data company Palantir Technologies is expected to carry a $22 billion price-tag when it goes public by the end of September, WSJ reported.

Loading...

Load Error

The data-miner is avoiding a traditional IPO route and instead choosing to go public via a direct listing, the Journal reported.

According to WSJ, Palantir’s bankers have told investors that shares could start trading

Read More

Secretive data-miner Palantir could fetch a $22 billion price-tag at its market debut next week, WSJ says


  • Palantir, the secretive technology firm, could fetch a $22 billion price-tag at its planned market debut on September 30, the Wall Street Journal reported on Thursday.
  • Palantir’s bankers have said the company could start trading at $10 a share, equating to a market valuation of about $22 billion.
  • The controversial company is choosing to bypass the traditional initial-public-offering route, and opt for a direct listing instead.
  • In the past year, Palantir’s stock in its private listing has trended higher.
  • Visit Business Insider’s homepage for more stories.

Big-data company Palantir Technologies is expected to carry a $22 billion price-tag when it goes public by the end of September, WSJ reported.

The data-miner is avoiding a traditional IPO route and instead choosing to go public via a direct listing, the Journal reported.

According to WSJ, Palantir’s bankers have told investors that shares could start trading at $10 each, giving

Read More