Palantir drops after Japan's Sompo sells part of its stake

SOMPO Holdings

06/12/2023 13:56

** Shares of Palantir Technologies  PLTR.N  drop 2.7% to
$17.8 premarket
    ** Japan's Sompo Holdings  8630.T  sells part of its stake
in data analytics firm
    ** Spokesperson for Japanese insurer says stake sale was for
undisclosed amount, but Sompo booked profit of 86 bln yen
($584.20 mln)
    ** They did not disclose details on Sompo's remaining stake
in PLTR
    ** Palantir in Feb signed $50 mln expansion agreement with
Sompo, which is also Palantir's customer
    ** Insurer had invested $500 mln in Palantir in June 2020, a
few months before U.S. firm went public    
    ** In 2019, Palantir launched 50-50 JV with Sompo called
Palantir Technologies Japan K.K. to service the Japanese
government as well as commercial clients
    ** As of Tuesday's close, PLTR nearly tripled in value this
year

($1 = 147.2100 yen)

 (Reporting by Pavithra S and Pushkala Aripaka in Bengaluru)
 ((pavithra.s@thomsonreuters.com))