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The co -founder and CEO of Palantir, Alex Karp, attends meetings in the United States Capitol in Washington on October 18, 2023.
Jonathan Ernst | Reuters
The price of the action of Palantir It fell up to 12.5% on Wednesday after the news that CEO Alex Karp had adopted a new actions negotiation plan and a report that the Pentagon has been ordered to prepare to reduce the United States defense budget by 8% every year over the next five years.
Palantir is better known for its hiring work that it provides software and technology services for defense agencies.
Tuesday night, palantir in a Regulatory presentation He revealed that Karp’s new plan will allow him to sell almost 10 million shares of the company in the next six months.
The Washington Post Wednesday said the Secretary of Defense Pete Hegseth He has ordered the leaders of the senior pentagon and other military latons to develop plans to reduce the defense budget in the next half decade. The budget for the current fiscal year is around $ 850 billion.
The post reported that Hegseth ordered the proposed cuts to be prepared on Monday.
Palantir closed the negotiation on Wednesday at $ 112.06 per share, a 10%drop. The shares decreased by more than 1.5% in the negotiation outside time.
The company, whose market capitalization exceeds $ 255 billion, at the beginning of February reported $ 828 million in revenues in the fourth quarter of 2024, with adjusted profits of 14 cents per share.
Before the abrupt fall on Wednesday, Palantir had been one of the high performance actions in the United States during the last two years, including an increase in the price of almost 50% shares in the year to date.
Palantir quotes a price / profits of almost 600 to 1.
The Trump administration has participated in a broad effort to reduce government spending and the number of federal government workers, from the president Donald Trump It was inaugurated by a second non -consecutive term on January 20.
Trump appointed the CEO of Tesla, Elon Musk, to supervise that effort, called the “Government Efficiency Department”.
Musk and Trump have been criticized for their methods to achieve Doge’s goal, and some steps are successfully questioned in the Federal Court.
On Tuesday, Karp, who co -founded the company with Peter Thiel, defended Musk during an appearance at CNBC’s “Burazo”.
“What the progressive left should be doing is: ‘Ok, Elon, you are clearly the most qualified person in the world to do something like this. We want a dialogue about what you are doing, how you are doing,’ ‘said Karp.
“I don’t think that happened,” he added.