Latest news with #Musk-led
Yahoo
3 days ago
- Business
- Yahoo
Trump's $795M Data Power Play Sends Palantir Soaring 140%--But Here's the Hidden Risk
Palantir (NASDAQ:PLTR) is riding a wave of government contracts as the Trump administration ramps up efforts to centralize and analyze federal data. Since Trump signed an executive order in March calling for more interagency data sharing, Palantir has quietly become the go-to vendor for building that digital infrastructure. The company has landed more than $113 million in new and extended federal contracts since Trump took officeincluding a blockbuster $795 million deal with the Pentagon last week. Palantir's Foundry platform is already in use at Homeland Security and Health and Human Services, and engineers were recently embedded at the IRS to begin building a unified, searchable database for taxpayer records. Talks are also underway with the Social Security Administration and Department of Education, suggesting more agencies could follow. Investor enthusiasm hasn't lagged. Since Trump's re-election, Palantir shares have surged more than 140%, fueled by the prospect that the company may now become the digital backbone of the U.S. federal government. The Department of Government Efficiency (DOGE)a Musk-led initiativehas been instrumental in Palantir's rise, with several DOGE members having ties to Palantir or Peter Thiel-backed ventures. The company's tools are now being used to connect data points ranging from immigration status and bank accounts to student loans and disability claims. In April, Immigration and Customs Enforcement (ICE) awarded Palantir a $30 million contract to track migrant movements in real timeanother sign of how fast the government is scaling its use of Foundry. Still, not everyone's cheering. Inside Palantir, dissent is brewing. Thirteen former employees recently signed an open letter opposing the company's deepening role under Trump, citing risks of surveillance overreach and reputational blowback. This is a red line I won't redraw, said Brianna Katherine Martin, a departing strategist. Engineers have raised concerns about the aggregation of sensitive data and sloppy security practices from some government users. Palantir insists it acts purely as a data processor under client direction, but the scale and sensitivity of the work has sparked internal debates about how far is too far. Investors, for now, seem focused on the upsidebut the longer-term consequences could be harder to quantify. This article first appeared on GuruFocus. Sign in to access your portfolio
Time of India
3 days ago
- Business
- Time of India
OpenAI argues to keep countersuit against Musk in trial over for-profit shift
HighlightsOpenAI argues that its countersuit against billionaire Elon Musk should proceed, claiming Musk's motion to dismiss lacks factual basis. OpenAI accuses Elon Musk of fraudulent business practices linked to a $97.4 billion takeover bid that it describes as a 'sham bid' intended to generate media attention. Elon Musk, who co-founded OpenAI in 2015, has sued the organization over its shift to a for-profit model, alleging it has deviated from its original mission to benefit humanity. OpenAI said it should be allowed to keep its countersuit against billionaire Elon Musk, saying the Tesla CEO's motion to dismiss the ChatGPT maker's claims has "no grounding in facts". In a court filing late on Wednesday, OpenAI said its countersuit - which accuses Musk of engaging in fraudulent business practices under California law - should be included in the expedited trial, rather than put on hold. OpenAI has argued that a $97.4 billion takeover bid for the company earlier this year from a Musk-led consortium was a "sham bid" aimed at drumming up media frenzy. OpenAI alleged the bid was leaked to the media before the proposal reached OpenAI's board. Last year, Musk, who co-founded OpenAI in 2015 but left before the firm became an AI juggernaut, sued OpenAI and its CEO Sam Altman over the company's transition to a for-profit model. He accused OpenAI of straying from its founding mission - to develop AI for the good of humanity, not corporate profit. OpenAI in April countersued Musk, citing a pattern of harassment by Musk and asking a federal judge to stop Musk from any "further unlawful and unfair action" against OpenAI. Musk had asked a federal judge to dismiss or delay OpenAI's counterclaims until a later stage in the case. While OpenAI earlier this month dialed back its plan to remove control by its non-profit arm, Musk's lawyer said the billionaire CEO would still proceed with his lawsuit.
The Hindu
3 days ago
- Business
- The Hindu
OpenAI argues to keep countersuit against Musk; Meta and Anduril to make MR gears for soldiers; Germany weighs 10% tax on online platforms
OpenAI argues to keep countersuit against Musk OpenAI said it should be allowed to keep its countersuit against billionaire Elon Musk, saying the Tesla CEO's motion to dismiss the ChatGPT maker's claims has 'no grounding in facts'. In a court filing late on Wednesday, OpenAI said its countersuit, which accuses Musk of engaging in fraudulent business practices under California law, should be included in the expedited trial, rather than put on hold. OpenAI has argued that a $97.4 billion takeover bid for the company earlier this year from a Musk-led consortium was a 'sham bid' aimed at drumming up media frenzy. OpenAI alleged the bid was leaked to the media before the proposal reached OpenAI's board. Last year, Musk, who co-founded OpenAI in 2015 but left before the firm became an AI juggernaut, sued OpenAI and its CEO Sam Altman over the company's transition to a for-profit model. He accused OpenAI of straying from its founding mission. Meta and Anduril to make MR gears for soldiers Meta and defence tech startup Anduril Industries on Thursday announced a partnership to build mixed reality gear for 'warfighters' (soldiers) to control autonomous systems on battlefields. Meta will incorporate augmented reality and AI, presumably in the likes of glasses, goggles, or visors, with an Anduril data analytics platform called Lattice, the companies said in a joint release. 'Meta has spent the last decade building AI and AR to enable the computing platform of the future,' Meta chief executive Mark Zuckerberg said. 'We're proud to partner with Anduril to help bring these technologies to the American servicemembers that protect our interests at home and abroad.' Since Trump took back the White House, Zuckerberg has courted the president with frequent visits and notable changes to corporate policies on matters like content moderation, aligning himself politically with the Republican administration. The Anduril alliance will have Meta taking part in courting the U.S. military. Germany weighs 10% tax on online platforms Germany is considering a 10% tax on platforms like Google and Facebook, its new minister of state for culture told magazine Stern, in a move likely to heighten trade tensions with the Trump administration. The proposal comes as Chancellor Friedrich Merz is expected to travel to Washington soon to meet with the U.S. President, although a trip has not yet been officially announced. Trump has in the past said he will not allow foreign governments to 'appropriate America's tax base for their own benefit'. Culture Minister of State Wolfram Weimer said officials were drafting a legislative proposal while also seeking talks with platform operators that he accused of 'cunning tax evasion' to explore alternative solutions like voluntary contributions. Germany's ruling parties agreed in a deal earlier this year to consider the introduction of a digital services levy, but this was not on the list of projects the coalition wants to prioritise.
The Hindu
3 days ago
- Business
- The Hindu
OpenAI argues to keep countersuit against Elon Musk in trial over for-profit shift
OpenAI said it should be allowed to keep its countersuit against billionaire Elon Musk, saying the Tesla CEO's motion to dismiss the ChatGPT maker's claims has "no grounding in facts". In a court filing late on Wednesday, OpenAI said its countersuit, which accuses Musk of engaging in fraudulent business practices under California law, should be included in the expedited trial, rather than put on hold. OpenAI has argued that a $97.4 billion takeover bid for the company earlier this year from a Musk-led consortium was a "sham bid" aimed at drumming up media frenzy. OpenAI alleged the bid was leaked to the media before the proposal reached OpenAI's board. Last year, Musk, who co-founded OpenAI in 2015 but left before the firm became an AI juggernaut, sued OpenAI and its CEO Sam Altman over the company's transition to a for-profit model. He accused OpenAI of straying from its founding mission: to develop AI for the good of humanity, not corporate profit. OpenAI in April countersued Musk, citing a pattern of harassment by Musk and asking a federal judge to stop Musk from any "further unlawful and unfair action" against OpenAI. Musk had asked a federal judge to dismiss or delay OpenAI's counterclaims until a later stage in the case. While OpenAI earlier this month dialed back its plan to remove control by its non-profit arm, Musk's lawyer said the billionaire CEO would still proceed with his lawsuit.
The Star
3 days ago
- Business
- The Star
OpenAI argues to keep countersuit against Musk in trial over for-profit shift
FILE PHOTO: OpenAI logo is seen in front of Elon Musk photo in this illustration taken March 11, 2024. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) -OpenAI said it should be allowed to keep its countersuit against billionaire Elon Musk, saying the Tesla CEO's motion to dismiss the ChatGPT maker's claims has "no grounding in facts". In a court filing late on Wednesday, OpenAI said its countersuit - which accuses Musk of engaging in fraudulent business practices under California law - should be included in the expedited trial, rather than put on hold. OpenAI has argued that a $97.4 billion takeover bid for the company earlier this year from a Musk-led consortium was a "sham bid" aimed at drumming up media frenzy. OpenAI alleged the bid was leaked to the media before the proposal reached OpenAI's board. Last year, Musk, who co-founded OpenAI in 2015 but left before the firm became an AI juggernaut, sued OpenAI and its CEO Sam Altman over the company's transition to a for-profit model. He accused OpenAI of straying from its founding mission - to develop AI for the good of humanity, not corporate profit. OpenAI in April countersued Musk, citing a pattern of harassment by Musk and asking a federal judge to stop Musk from any "further unlawful and unfair action" against OpenAI. Musk had asked a federal judge to dismiss or delay OpenAI's counterclaims until a later stage in the case. While OpenAI earlier this month dialed back its plan to remove control by its non-profit arm, Musk's lawyer said the billionaire CEO would still proceed with his lawsuit. (Reporting by Deborah Sophia in Bengaluru; Editing by Shounak Dasgupta)
