Anonymous ID: 482596 Nov. 17, 2020, 12:19 p.m. No.11683418   🗄️.is đź”—kun   >>3463 >>3496 >>3539

Soros Regrets Early Investment in Peter Thiel’s Palantir

 

Soros Fund Management, which revealed that it owned 18.46 million shares of Palantir Technologies Inc., said it made the investment in the data-mining company in 2012 and wouldn’t do the same again today.

 

“SFM made this investment at a time when the negative social consequences of big data were less understood,” the firm said in a statement Tuesday. “SFM would not make an investment in Palantir today.” George Soros’s investment firm disclosed the holding in its latest 13F regulatory filing late Friday with the U.S. Securities and Exchange Commission. The position was worth $175 million at the end of the quarter.

 

Soros explained in a note posted on the Open Society Foundations website that the money manager who made the investment in 2012 is no longer employed with the investment firm. The position in Palantir was converted into shares when Palantir, co-founded by Peter Thiel, went public in September. Soros has sold all the shares it’s permitted to sell at this time and will keep selling, according to the statement.“SFM does not approve of Palantir’s business practices,” the firm said.

 

Palantir relies on contracts from government entities, including the U.S. Department of Defense and the Central Intelligence Agency, for much of its revenue. The company has drawn criticism from human rights activists for selling software that facilitates the deportation of immigrants and aggressive policing. Its data-scraping has also raised concerns among privacy advocates. The stock has gained over 150% since it went public.

 

Soros, 90, has used his vast wealth to become one of the world’s largest funders of groups promoting justice, democracy, human rights and progressive politics through his Open Society Foundations. He’s poured billions into his philanthropic efforts, and most of his firm’s assets now belong to the foundations rather than to the Soros family.

https://www.bnnbloomberg.ca/soros-regrets-early-investment-in-peter-thiel-s-palantir-1.1523812