Palantir (PLTR) stock fell Wednesday on news that CEO Alex Karp plans to sell more than $1 billion worth of his shares and that the Pentagon is considering budget cuts over the next five years.
Palantir stock shed 10% to close at 112.06. The stock fell another 4% in extended trading.
↑ X NOW PLAYING S&P 500 At Highs; Axon, Cava Break Expectations, Brown & Brown Setting UpPalantir disclosed that Karp's new trading plan provides for a sale of up to 48.9 million shares, which could be worth up to $1.23 billion, according to Barron's. Palantir reported the change in a Tuesday filing with the Securities and Exchange Commission.
In another development, Defense Secretary Pete Hegseth reportedly wants senior Pentagon leaders and other top military officials to come up with a plan to cut the defense budget over the next five years, according to the Washington Post.
Palantir's stock plunge ended a four-day winning streak. It also underscored the data analytics company's reliance on government and defense spending.
Palantir stock holds a near perfect Relative Strength Rating of 99, and has rallied more than 45% year to date.
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