Palantir CEO Blames Short Sellers' Cocaine Addiction for Stock Issues on 2024-03-13

On 2024-03-13, Alex Karp, CEO of Palantir Technologies ($PLTR), has made headlines by attributing the motivations of short sellers of the company's stock to an addiction to cocaine. This unusual accusation comes amid a broader discussion about the company's stock performance and the activities of short sellers and insiders. In the last twelve months, short sellers have net purchased 60 million shares of $PLTR, while insiders, including one of the founders, have been selling their shares, with a notable 7 million share sale recently filed. Furthermore, Karp himself has sold approximately $50 million worth of $PLTR shares year to date. The CEO's comments have sparked a variety of reactions, ranging from skepticism to criticism, with some questioning the efficiency of the market and the valuation of Palantir Technologies.