- Rape Alexandria Ocasio-Cortez, in a letter to the SEC, sought before the agency his stock market debut to investigate data-mining company Palantir, which he had made on Wednesday.
- Amid the concerns of congressmen, Palantir has long-time penchant for secrecy, which he wrote could harm future investors.
- Other concerns listed are its domestic and foreign contracts, including ICE, law enforcement agencies, and foreign governments that “may present human rights risks.”
- Palantir, a well-known Silicon Valley startup that was founded in 2003, has a reputation for staying secret and has recently come under scrutiny before its direct listing.
- For more stories visit the Business Insider homepage.
Rep. Alexandria Ocasio-Cortez wrote a letter to the US Securities and Exchange Commission in mid-September asking the agency to investigate secret data firm Palantir as the company gained attention with its stock exchange debut.
In the letter, Congressmen listed several concerns related to Silicon Valley startups founded by Peter Thiel. But his primary complaint was the startup’s failure to disclose fully information about its business dealings, omissions, which could pose a material risk to future investors and national security issues as it commenced trading.
Rape According to Ocasio-Cortez, one such partial omission was funding from CIA’s venture capital arm In-Q-Tel. A 2009 shareholder report by Palantir revealed that In-Q-Tel held a 10% stake in Palantir, but the firm’s 2020 S-1 filing did not state whether the investment was still underway and How many Palanatir shares have QQ? Holds oil. Palantir is listed on the website of the venture branch as one of In-Q-Tel’s portfolio companies.
Palantir’s contracts with foreign governments were also cited, with some governments “known to engage in corrupt practices and human rights violations,” such as Qatar, Rep. Ocasio-Cortez wrote in the letter.
Palantir’s domestic contracts have also drawn criticism. Its contract with the US Immigration and Customs Enforcement came under scrutiny by 15 members of the Congressional Hispanic Caucus, who questioned whether Palantir was sharing people’s health data with ICE. Data privacy was another concern in Ocasio-Cortez’s letter to the SEC.
Palantir has denied that it shares data between various federal agencies. A spokesperson for the Department of Health and Human Services has also denied that the data was being shared.
Ocasio-Cortez also pointed to a lack of transparency regarding the personal $ 25.9 million burden created by board member Alexander Moore and Palantir’s Corporate Governance Over Cofounder Stephen Cohen. Congressmen also questioned the firm’s motive behind identifying it as an “emerging development company”, saying it had allowed some of the information to be withdrawn from its S-1 filing. Palantir did not immediately respond to Business Insider’s request for comment.
The letter is another example of Palantir’s public scrutiny as the company makes an anticipated start to the stock market. The startup was founded in 2003 and has gained Silicon Valley fame for privately held companies, or Valley-Speak for privately held companies, valued at $ 1 billion Exceeds the dollar. But Palantir’s controversial cofounder Peter Thiel and its lack of transparency have also contributed to the firm’s notoriety.
Palantir started trading on the NYSE at $ 10 per share and is valued at $ 17 billion.
read below. Ocasio-Cortez’s letter:
Disclosure: Alexander Karp Axel, CEO of Palantir Technologies, is a member of Springer’s shareholder committee. Axel Springer owns Insider Inc., the parent company of Business Insider.