Palantir jumps 18% after Steve Cohen's Point72 discloses 30-million-share stake

Steve Marcus/Reuters
  • Palantir jumped as much as 18% to record highs on Tuesday after 13-F filings revealed large stakes scooped up by hedge funds like Steve Cohen’s Point72 and Daniel Loeb’s Third Point Management.
  • On the flipside, Soros Fund Management disclosed a stake in Palantir but said it already sold it, according to a statement given to CNN Business.
  • Soros Fund Management said it “does not approve of Palantir’s business practices” and “made this investment at a time when the negative social consequences of big data were less understood,” according to CNN.
  • Palantir was co-founded by Peter Thiel and went public in late September.
  • Visit the Business Insider homepage for more stories.

Palantir, the big data analytics company that counts the US government as a top customer, surged as much as 18% to record highs on Tuesday as 13-F filings revealed several hedge fund stakes in the company.

Palantir was co-founded by Peter Thiel and went public in September.

Steve Cohen’s Point72 Asset Management disclosed one of the largest stakes in Palantir as of September 30, amounting to 29.9 million shares, or about a 2.0% stake in the company.

Anchorage Capital disclosed a 2.9 million share stake in Palantir, and Daniel Loeb’s Third Point Management disclosed a 2.4 million share stake in Palantir.

But one hedge fund that disclosed a stake in Palantir already sold it: George Soros’ Soros Fund Management.


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According to a regulatory filing with the SEC, Soros Fund Management disclosed a 18.5 million share stake in Palantir as of September 30, or about a 1.2% stake in the company.

But in a statement to CNN Business on Tuesday, Soros Fund Management said the firm has already sold its stake in the company. The position in Palantir derived from an early-stage investment made in 2012, according to the statement.

Additionally, Soros Fund Management said it “does not approve of Palantir’s business practices” and that it “made this investment at a time when the negative social consequences of big data were less understood,” according to the statement.

Soros finished the statement by saying it would “not make an investment in Palantir today.” For now, Steve Cohen and Dan Loeb are willing to take the other side of that bet.


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