Palantir Chairman Thiel has filed to sell up to $1B in stock: report
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- Peter Thiel, the renowned venture capitalist and Chairman of Palantir Technologies (NYSE:PLTR), has filed to sell up to $1B worth of Palantir shares, Barron’s reported.
- Thiel, who initially made the disclosure in August via his investment vehicle Rivendell 7 LLC, has not yet sold any Palantir shares via the Rule 10b5-1 plan that was put forth into place. Rivendell 7 LLC adopted a Rule 10b5-1 plan on May 15 that would allow for the sale of approximately 28.6M shares of Palantir by Dec. 31 2025 at the latest, per the filing.
- Thiel last sold Palantir stock just before the 10b5-1 plan was put into place, when he sold 13M shares for an aggregate price of $273.5M, the news outlet added.
- Separately on Tuesday, Bank of America raised its price target on the enterprise software company to $50 from $30 after it was included in the S&P 500, an event that the investment bank called a “watershed moment” for Palantir.