Palantir Shares Tumble 5% Despite CEO Pushes Back on Surveillance Allegations
June 5 - Shares of Palantir Technologies (NASDAQ:PLTR) fell more than 5% Thursday despite Chief Executive Alex Karp denied claims suggesting the company aided U.S. government surveillance of citizens under a prior administration.
Speaking to CNBC, Karp said Palantir is "not surveilling Americans," pushing back against a New York Times report that said the firm may have been involved in compiling a broad database of U.S. citizens during Donald Trumps presidency.
The Denver-based company issued a separate denial earlier this week on social platform X, calling the article blatantly untrue. Palantir said it does not gather data to unlawfully track Americans and emphasized its Foundry platform includes granular security measures.
The New York Times story suggested Palantir may have been selected to help implement a Trump-era executive order aimed at merging data across federal agencies. The timing comes as Palantir continues to win U.S. government contracts.
Karp, in the same interview, stressed the strategic importance of the U.S. leading in artificial intelligence development, adding that the West must adapt to stay competitive.
Palantirs drop marks one of its sharpest single-day declines in recent weeks, with the stock hovering near one-month lows.
This article first appeared on GuruFocus.
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