- Rep. Alexandria Ocasio-Cortez wrote a letter to the Securities and Exchange Commission asking the agency to investigate data-mining company Palantir before its share-market debut, which it did on Wednesday.
- The Congresswoman’s concerns include a long-standing obsession with Palan Lentier’s secrecy, which she wrote could hurt future investors.
- Other concerns listed include its domestic and foreign agreements, which include immigration and customs enforcement, law enforcement agencies and foreign governments that “may pose human rights risks.”
- Founded in 2003, Silicon Valley’s famous Palan Lentier has a reputation for secrecy and has only recently come under scrutiny from its direct list.
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Rip in mid-September. Alexandria Ocasio-Cortez wrote a letter to the US Securities and Exchange Commission asking the agency to investigate the intelligence firm Paylantier as the company drew attention to its share-exchange plans.
In the letter, the woman in Congress listed several concerns related to the beginning of Peter Thiel-founded Silicon Valley. The letter said its primary complaint was a failure to fully disclose information about its business practices, with the exception that future investors and national security issues could lead to material risks with the start of the trade, the letter said.
According to Ocasio-Cortez, one such partial mistake was funding from the CIA’s venture capital, In-Q-Tel. Palinter’s 2009 shareholder report revealed that Paltier has a 10% stake in In-Q-Tel, but did not say whether the investment was still ongoing in the firm’s 2020 S-1 filing. . Palantir is listed as one of In-Q-Tel’s portfolio companies on the venture group’s website.
Palantier’s agreements with foreign governments were also cited, in which Oxio-Cortez, like Qatar, wrote that governments were “known to be engaged in corrupt practices and human rights violations.”
Palintair’s domestic contract has also been criticized. The agreement with U.S. Immigration and Customs Enforcement came under scrutiny by 15 members of the Hispanic Caucus in Congress, who questioned whether Palantier was sharing people’s health data with the ICE. Privacy Data privacy was another concern in Casio-Cortez’s letter to the SEC.
Pelentier denies that it shares data between various federal agencies. A spokesman for the Department of Health and Human Services also denied that data was being shared.
Ocasio-Cortez also said there was a lack of transparency regarding corporate-governance oversight of personal loans of .9 25.9 million made by Palantier board members Alexander Moore and Coff corporate entrepreneur Stephen Cohen. The congresswoman also questioned the firm’s motives behind identifying her as an “emerging growth company,” saying she was allowed to withhold some information from the S-1 filing. Planter did not immediately respond to a request for comment from Business Insider.
This letter is another example of the people’s scrutiny of Palantir as the company makes the expected debut in the stock market. The startup was founded in 2003 and has cemented Silicon Valley to the status of a famous unicorn, or Valley speaks for privately held companies valued at billion 1 billion. But due to Palentier’s controversial co-founder Peter Thiel and his lack of transparency, more attention has been paid to the pageant.
Palantier started trading at ન્યૂ 10 billion on the New York Stock Exchange on Wednesday and is valued at 17 billion.
Read Ocasio-Cortez’s letter below:
Disclosure: Alexander Carp, CEO of Palantier Technologies, is a member of Excel Springer’s shareholder committee. Excel owns Springer, Insider Inc., the parent company of Business Insider.