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Palantir shares (Malevolent-9.76%) On Thursday morning, about 13% fell, amidst the news that its CEOs are planning New share sales initiative And a media Report This indicates that the Trump administration has directed the Pentagon to reduce the US defense budget.
Palantir is recognized to develop AI software that specializes in large data analytics for defense agencies. On Thursday morning, its stock was trading at $ 98.
Read more: Palantir Stock has been on a tear. But a recover may come soon
Earlier this week, Palauntir revealed in his regulator Admission The CEO Alex Carp plans to sell about 10 million shares of the company’s stock in the next six months. It matches with a report published by the announcement Washington Post On Wednesday, it was stated that the Defense Secretary Pete Hegseth has instructed the senior Pentagon leaders to develop plans to reduce the defense budget in the next five years.
The Trump administration is aggressively cutting government spending and Reduce the federal workforce to trim the budget – A task led by Tesla ,TSLA-1.87%, CEO Elon Musk, who tapped to lead the efficiency of the newly created government by Trump,
While the purpose of the initiative is to curb costs, less concerns in government budgets have ignored Palantir investors. Despite this, the company’s stock remains strong, compared to the previous year 33% year-by-year and impressive 328%.
