Palantir (NYSE:PLTR) stock is down on Wednesday after the company’s CEO had some harsh words for short-term investors.
Palantir CEO Alex Karp had some harsh words for Wall Street during an interview with CNBC’s Wilfred Frost. The comment that has PLTR stock moving lower today is as follows.
“We’re in this for the long haul. If you are speculating or you’re thinking about this short-term, there are plenty of other things to invest in. If you want something else, it’s a huge world. Buy some other stock. You don’t have to buy Palantir. No one is forcing you.”
The CEO of Palantir telling certain investors to not invest in his company is definitely something that would stir up trouble, but Karp doesn’t stop there. He also goes on to say that Wall Street’s short-term focus is “one of the most destructive, corrosive attributes of an otherwise interesting and largely functioning system.”
During the interview with CNBC, Karp also said some other interesting things that might upset Wall Street. That includes praising retail investors. He mentions that appealing to individual investors was one of the reasons that PLTR stock went public via a direct listing instead of an IPO.
PLTR stock movement for today includes more than 23 million shares changing hands. For comparison, its daily average trading volume is nearly 85 million shares.
PLTR stock was down 3.4% as of Wednesday afternoon but is still up 6.1% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.