and other analytics providers, Palantir aggregates disparate data from far-flung sources and mines it for meaning.
#MORGAN STANLEY WRITEDOWN PALANTIR SOFTWARE#
Like International Business Machines Corp., Tableau Software Inc. One reason: The prices can influence transactions on platforms such as EquityZen, a marketplace for employees to sell pre-IPO shares. The moves have taken a toll on employee morale at Palantir, according to current and former staff at the company. While other investors have also cut the valuation of their stakes, Morgan Stanley has consistently been on the low end. The funds have cut the per-share value of Palantir four times since June 2016. So far, the writedowns have had only a limited impact, with the entire stake held by Morgan Stanley’s mutual funds amounting to about $3 million as of mid-year. The drama has only escalated as Palantir continues preparations for what’s widely expected to be one of the largest IPOs of recent years. Spokeswomen for Palantir and Morgan Stanley declined to comment.
#MORGAN STANLEY WRITEDOWN PALANTIR UPDATE#
Morgan Stanley’s next quarterly price update is due on Thursday.Īs Morgan Stanley’s investment bankers try to position themselves to lead an IPO for one of the world’s biggest private companies, the clash raises questions about how closely held companies are valued and the ways that Wall Street firms navigate many-layered relationships with potential clients. So in recent weeks Palantir tried to strike a deal: It attempted to buy back all of its stock held by Morgan Stanley’s mutual funds, ending the valuation squabbles, according to people with knowledge of the discussions.Īlthough Morgan Stanley sold some shares back to Palantir last year when Karp and others expressed similar frustrations, this time the bank wouldn’t budge, the people said, asking not to be identified because the talks were private. The conservative estimate on a tiny stake has long rankled Palantir Chief Executive Officer Alex Karp and his colleagues, according to people familiar with the situation. That’s well below the appraisal of several other investors in the firm and just one-ninth the valuation Morgan Stanley’s own bankers predict the company could fetch in an initial public offering. The banks’ funds have cut their valuation of a minor stake in the secretive data-mining company several times in the last two years, estimating the company’s worth at just $4.4 billion as of June 30. and Morgan Stanley’s mutual funds are reaching a breaking point. Alexandria Ocasio-Cortez, who wrote a letter to the US Securities and Exchange Commission in mid-September asking the agency to investigate Palantir over its failure to fully disclose information regarding its business practices, omissions that could lead to material risks for future investors and national security issues as it begins trading.(Bloomberg) - Silicon Valley startups sometimes bicker with their investors, but tensions between Peter Thiel’s Palantir Technologies Inc. The historically secretive data-mining company has received scrutiny over its direct listing from Rep.
Palantir's stock opened on the New York Stock Exchange at $10 per share - roughly 38% above the $7.25 reference price set by the exchange on Tuesday - and jumped as much as 14% before closing at $9.50, down 9.5%. The employees told CNBC the software eventually started to function just a few hours before the market closed. We will work through any issue that is brought to our attention and ensure that no employee will be disadvantaged," a spokesperson for Shareworks by Morgan Stanley told Business Insider. At all times our call centers were available to execute trades. "We experienced slowness that may have resulted in delayed logins into our system. Account icon An icon in the shape of a person's head and shoulders.
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