The CEO of Reddit darling Palantir was the highest paid chief executive of a public company last year

Alex Karp Palantir
Palantir, under CEO Alex Karp’s leadership, is continuing its push into life sciences after a raft of pandemic-related government deals.

Alexander Karp, the CEO of Reddit favorite Palantir, was the highest paid chief executive of a public company last year, new survey data shows.

The CEO raked in $1.1 billion in total compensation in 2020, including $798 million in options, $296 million in restricted stock, and $1.1 million in salary, according to the company’s 2020 annual proxy statement.

Data from Payscale shows the average Palantir employee makes $123,000 per year, meaning CEO Alex Karp’s total compensation in 2020 was roughly 8,943 times greater than that of his average worker.

Palantir’s co-founder and president Steven Cohen also received an epic pay package from the data mining company in 2020, receiving some $192 million, compared to $16.1 million in 2019, filings show.

In its proxy statement, Palantir said senior executive compensation is “designed to attract, retain, and motivate our leadership team in a highly competitive technology talent market while simultaneously aligning executive interests with those of our stockholders.”

Palantir is a data mining powerhouse that was founded by Peter Thiel, Nathan Gettings, Joe Lonsdale, Stephen Cohen, and Alex Karp in 2003. The company generates roughly half of its revenue from government sources and recently inked contracts with the Centers for Disease Control and US Special Operations Command. Palantir also provides services to clients like IBM, Amazon, and Airbus.

CEO Alex Karp is known for his wild hair, brightly colored wardrobe, and for his time pursuing a Ph.D. in philosophy before starting Palantir. In 2021, Karp has been selling shares to lock in profits from his record compensation package. This year alone, the CEO has cashed out $309,906,961 worth of Palantir stock, according to SEC filings.

The second-highest-paid CEO in the world in 2020, DoorDash’s Tony Xu, raked in $413 million in total compensation in 2020, less than half of Karp’s earnings, according to a comprehensive survey of the 200 highest-paid chief executives at public companies conducted for The New York Times by Equilar.

In 2020, CEOs in the Equilar survey earned an incredible 274 times the pay of their median employee and CEO pay jumped 14% year-over-year in 2020 amidst the pandemic.

Just 13 female CEOs made Equilar’s list of the 200 top paid chief execs, with AMD’s Dr. Lisa Su coming in as the highest-paid woman with a total compensation package of $40 million.

Read the original article on Business Insider

Palantir climbs 9% in volatile trading after 1st-quarter earnings report

Alexander Karp Palantir
CEO Alex Karp.

Palantir snapped a 10-day losing streak on Tuesday, climbing as much as 9%, after the company reported first-quarter earnings.

The data-analytics company reported revenue of $341.2 million for the quarter, exceeding Wall Street’s $332.5 million forecast.

Heading into Tuesday, Palantir shares had plunged 23% over a 10-day period amid a broader tech sell-off.

But not all investors are straying from the stock. Cathie Wood’s Ark Innovation ETF scooped up over 1 million shares of Palantir on Monday, while her Ark Next Generation Innovation ETF bought 294,177 shares, fund filings show.

Further, on the company’s Tuesday earnings call, chief financial officer David Glazar said Palantir would consider putting bitcoin on its balance sheet, and he said they accept bitcoin as payment.

Screen Shot 2021 05 11 at 9.37.47 AM
Read the original article on Business Insider

Palantir climbs 9% in volatile trading after mixed 1st-quarter earnings report

Alexander Karp Palantir
CEO Alex Karp.

  • Palantir snapped a 10-day losing streak after reporting mixed first-quarter earnings.
  • The company beat top-line revenue forecasts, but fell short of consensus profit estimates.
  • CFO David Glazer said Palantir accept bitcoin as payment, and has discussed adding it to the firm’s balance sheet.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Palantir snapped a 10-day losing streak on Tuesday, climbing as much as 9%, after the company reported mixed first-quarter earnings.

The data-analytics company reported a loss of 7 cents a share, which was deeper than the consensus estimate of 3 cents. However, revenue of $341.2 million for the quarter exceeded Wall Street’s $332.5 million forecast.

Heading into Tuesday, Palantir shares had plunged 23% over a 10-day period amid a broader tech sell-off.

But not all investors are straying from the stock. Cathie Wood’s Ark Innovation ETF scooped up over 1 million shares of Palantir on Monday, while her Ark Next Generation Innovation ETF bought 294,177 shares, fund filings show.

Further, on the company’s Tuesday earnings call, chief financial officer David Glazar said Palantir would consider putting bitcoin on its balance sheet, and he said they accept bitcoin as payment.

Screen Shot 2021 05 11 at 9.37.47 AM
Read the original article on Business Insider

Palantir says it accepts bitcoin as payment and has mulled adding the cryptocurrency to its balance sheet

Palantir 1
Palantir logo on the New York Stock Exchange.

  • Palantir turned in its first-quarter earnings report on Monday, showing revenues surged 49% year-over-year.
  • In the company’s conference call, CFO David Glazer revealed Palantir accepts bitcoin as payment and has considered adding the cryptocurrency to its balance sheet.
  • “The short answer is yes, we’re thinking about it…In terms of accepting Bitcoin from our customers, we do accept it,” Glazer said.
  • See more stories on Insider’s business page.

Palantir released its first-quarter earnings report on Monday and there were a few standout comments in the company’s follow-up conference call.

Palantir’s chief financial officer and treasurer David Glazer was asked about bitcoin as a payment method and the possibility of adding cryptocurrency to the firm’s balance sheet.

Glazer said that not only has Palantir been considering adding bitcoin to its balance sheet, it also accepts the cryptocurrency as a form of payment from customers.

“Thanks for the question. The short answer is yes, we’re thinking about it and we’re even discussing this early, taking a look at our balance sheet in cash at quarter-end, including $151 million in adjusted free cash flow in Q1. So, it’s definitely on the table from a treasury perspective as well as other investments that we look across our business and beyond,” Glazer said.

“On the other side of that, in terms of accepting Bitcoin from our customers, we do accept it,” the CFO added.

Palantir turned in revenue of $341 million vs. analyst expectations for $332.2 million in the first quarter, while adjusted earnings per share hit $0.04, matching analyst estimates.

The big data company also reaffirmed that it expects annual revenue growth of +30% for the next four years.

The stock traded down 1.79%, recovering from a premarket drop, as of 9:31 a.m. ET on Tuesday.

PLTR Chart 5
Read the original article on Business Insider