Peter Thiel, the chairman and co-founder of Palantir Technologies (PLTR), plans to sell up to $1 billion U.S. of stock in the data analytics company.
According to regulatory filings made in August of this year, Thiel plans to sell as many as 28.5 million shares of Palantir by Dec. 31, 2025, or earlier.
The news comes as Palantir’s stock soars on news that it is being added to the benchmark S&P 500 index on Sept. 23.
In the last five days, Palantir’s stock has risen 16%, bringing its year-to-date gain to 110%.
The stock sales by Peter Thiel were disclosed in a regulatory filing with the U.S. Securities and Exchange Commission (SEC) under what’s known as a Rule 10b5-1 plan.
Such plans execute trades when preset conditions are met, such as price, volume and timing.
The stock sales will be made through an investment vehicle owned by Thiel called Rivendell 7 LLC.
Thiel last sold Palantir stock in May of this year, when he offloaded 13 million shares for $273.5 million U.S. in gross proceeds.
The stock sales in May were made at an average price of $21.11 U.S. per share. Palantir’s stock is currently trading at $34.76 U.S. a share.
Peter Thiel is a venture capitalist who is known as a co-founder of both PayPal (PYPL) and Palantir. He was also one of the first outside investors in Meta Platforms (META).
Thiel has an estimated net worth of $11.20 billion U.S., according to Bloomberg News.
Tech Insider
