Palantir Plunges after Ceo Karp Changes Share Sales Plan, Pentagon Budget Cut Report

The share price of Palaantiir Fell by as much as 12.5% ​​wedding after news that Ceo Alex Karp Had Adopted a new stock trading plan, and after a Report That the pentagon has been ordered to prepare to cut the us defense budget by 8% Each year for the next five years.

Palantir is best knowledge for its contrasting work providing software And Technology Services for Defense Agencies.

The washington post On Wednsday Defense Secretary PETE HEGSETH HAS Ordered Senior Pentagon Leaders And Other Military Brass to Develop Plans to Slash the Defense Budget Over the Next Half-Decade. The budget for the current fiscal year is Around 850 billion.

The post reported that hegseth ordered the proposed cuts to be drawn up by Monday.

Palantir Closed Trading Wednsday at $ 112.06 per share, a drop of 10%.

The company, Whose Market Capitalization Tops $ 255 Billion, in Early February Reported $ 828 Million in Revenue in the Fourth Quarter of 2024, with Adjusted Earnings of 14 CENTS PER Share.

Before Wednsday’s Abrupt Drop, Palaantir Had Been One of the Top-Peerforming Stocks in the United States for the Last Years, Including a Stock Price Rise of Nearly 50% in the year in the year to date.

Palantir Trades a price-to-earnings ratio of near 600-to-1.

The Trump Administration has been engaged in a wide-ringing effort to slash government spending, and the number of federal government works workers, insurance president donald trumb Non-Consecurave Term on Jan. 20.

Trump Appointed Tesla Ceo Elon Musk to oversee that effort, dubbed the “department of government efficiency.”

Musk and Trump has come under fire for their methods in achieving dog’s goal, with some steps being done challenged successful successfully in federal court.

On tuesday, KarpWho co-founded the company with Peter Thiel, Defended Musk DURING DURANCE An APEARANCE on CNBC’s “Squawk Box.”

“What the Progressive Left Should Being is Saying, ‘Ok, Elon, You’re Clearly The Most Qualified Person in the World to Do Something Like This. Doing, “” Karp said.

“I don’t believe that’s happy,” he added.

This is breaking news. Please refresh for updates.