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(Bloomberg) — Peter Thiel sold some of his $3.4 billion stake in Palantir Technologies Inc. for the first time in more than two years as shares of the software and analysis company soar on artificial intelligence optimism.
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Thiel sold more than 7 million shares worth roughly $175 million Tuesday, according to a filing. He still owns about 7% of the Denver-based company, the largest asset in his $10.5 billion fortune, according to the Bloomberg Billionaires Index.
The shares jumped 31% on Feb. 6, after the company reported its first annual profit and forecast higher-than-expected earnings for 2024, boosted by strong demand for its artificial intelligence technology. They are up 37% this year.
Thiel joins other billionaires including Mark Zuckerberg and Jeff Bezos who have taken advantage of the tech rally to unload shares in recent months after not selling for years.
Thiel co-founded Palantir in 2003 and remains its chairman. He owns shares directly as well as through funds with names from JRR Tolkien’s Lord of the Rings, including Mithril and Rivendell. Palantir itself is named after a crystal ball from the series.
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