Palantir’s Chairman Peter Thiel has sold $1B of company stock this year
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Palantir Technologies’ (NYSE:PLTR) Chairman Peter Thiel has sold over $600M worth of the company’s stock this week, bringing his total disposals this year to over $1B.
The venture capitalist sold about 16.17M common shares over three days this week, according to regulatory filings with the SEC. Thiel had also sold shares in May.
In December last year, Palantir disclosed that entities owned by Thiel had adopted a type of trading plan which public-company executives commonly use to schedule sales. Thiel intended to sell around 20M shares. In May, the entity adopted a second trading plan consisting of up to 28.6M shares, Bloomberg News reported.
Thiel has only sold common equity, not stocks with special voting rights, which give him and Co-Founders Alex Karp and Stephen Cohen control of the board, the report added.
Year-to-date, the Denver-based company — which deploys software platforms for the intelligence community — has seen its stock surge about 116%.