The millionaire fund stressed that it does not condone Palantir’s business practices.
George Soros regrets having invested in Palantir Technologies, according to communicated this Tuesday the millionaire capitalization company.
Soros Fund Management (SFM) clarified that it had not recently bought the shares of Palantir Technologies. He reported that his investment dates back to 2012 and had been made by a portfolio manager who no longer works at the firm. The fund explained that it had made this investment “at a time when the negative social consequences of ‘big data’ were less understood.”
At the same time, SFM indicated that it does not approve of the business practices of this technology company. It said it would not invest in Palantir today, that it had already sold all of its shares that it was not legally or contractually bound to own and that it will continue to sell them “as permitted.” Soros’ office confirmed that he owns about 1% of Palantir’s shares.
Founded in 2004, the company bases its business on data mining to establish connections and logical sequences in broad frames of available information. Since 2013, he has served entities such as the CIA, the FBI, the Department of Homeland Security, the Marine Corps and the United States Air Force in the United States. His greatest merit, according to reports, was his participation in locating Osama bin Laden. In 2018 he found himself in the middle of a scandal related to the alleged espionage to civilians in banking entities.