Palantir CEO Blasts Wall Street, Calls It 'Destructive' and Says It Stops Companies From Building Lasting Models.

Alex Karp, CEO of Palantir Technologies, condemned Wall Street for not paying enough attention to the development of healthy, long-lasting companies, but instead, focusing on gains.

In an interview with CNBC, Karp didn't mince words and clearly expressed his displeasure with analysts, calling their obsession with gains 'one of the most destructive, corrosive, attributes of an otherwise interesting and largely functioning system.'

According to him, some companies have potential, and the gains lie in being patient and allowing investments to grow over time, rather than the quick buy and sell that's popular now.

The CEO also expressed support for the Reddit investors who went all-in on GameStop shares in January.

"I'm very proud that normal people, investing their own money, with their own risk, making their own opinion, made a lot of money," He said. 

About The Company

Palantir Technologies is a software company specializing in data analytics. They build data platforms for organizations requiring safer and more complex data environments. 

The company generated $1.1 billion in revenue in 2020, a 47% increase from the past year. 

They have also experienced consistent growth in the number of clients, with a 54% and 50% annual growth rate for clients generating more than $5 million and $10 million respectively. 

It was founded in 2003 by Alex Karp, alongside PayPal's co-founder Peter Thiel, Joe Lonsdale, Stephen Cohen, and Nathan Gettings.