September 30, 2020 | technology | No Comments
After nearly two decades as one of Silicon Valley’s most closely guarded companies, data mining company Palantir Technologies finally went public on Wednesday in an unusual direct listing process. After an expected delayed first trade, Palantir opened at 1:40 pm Eastern trading at $10 a share, up from the $7.25 reference price the company set on Tuesday night. It hit $11 at 1:50PM Eastern.
In a direct listing, the company does not raise funds for itself. Instead, existing shareholders get a chance to sell.
Controversial investor Peter Thiel, who cofounded Palantir in 2003 and bankrolled the company in its early years, will be the biggest winner today as company chairman and its largest individual shareholder.
Thiel and three investment firms he founded, Founders Fund, Clarium Capital and Mithril Capital, owned a total of 17.7% of the company before the