Will Palantir Make Money? — Market Mad House

Shares of the year’s strangest and most controversial initial-public offering (IPO) Palantir Technologies Inc. (NYSE: PLTR) are trading.

Even Palantir’s IPO sowed confusion. Some investors could not tell if Palantir started trading, Bloomberg claims. Palantir confused investors by using the rare direct listing process instead of traditional IPO.

Palantir (PLTR) began trading at 1:38 pm on 7 October and stopped around 3:30 PM the same day, Bloomberg claims. Regular trading began a few days later. Some investors claim they could not sell PLTR shares because of trading glitches, Bloomberg alleges.

Predictably, Mr. Market has little faith in Palantir. Mr Market paid $10.27 for Palantir shares at the start of trading on 7 October 2020. By 13 October 2020, Palantir’s share price fell to $9.47. Thus, Palantir has lost share value since appearing on the NYSE.

The Controversy at Palantir

To complicate matters, two members of the US House of Representatives sent a letter demanding the Securities and Exchange Commission (SEC) investigate Palantir. Three Democrats want an SEC investigation because Palantir receives money from the CIA and has contacts with Qatar’s government.