Billionaire Peter Thiel sold more than $1 billion in Palantir stock in late September and early October, according to SEC filings. He made these sales right after Palantir joined the S&P 500 on September 23. Earlier this year, he sold about $400 million in Palantir shares.
The sales were part of a planned program called a 10b5-1 plan, which he set up in May. This plan automatically sells his shares when certain conditions are met, helping to avoid insider trading concerns. Thiel has now finished all sales allowed under this plan, which runs until December 31, 2024.
Even after selling, Thiel is still one of Palantir’s largest shareholders. The company is worth about $83 billion, and Thiel, along with his co-founders, has special voting shares that let them keep control of the company. However, this situation might make investors think about whether they should also sell their Palantir stock.
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