After a stunning spike in wealth in 2023 that cemented Alex Karp’s reputation as one of the world’s Black billionaires, the co-founder of Palantir Technologies has had his money plummet dramatically since the beginning of 2024. This decline is attributable to the revaluation of his private investments and a single-digit drop in Palantir’s stock.
Forbes said that his net worth has decreased by $100 million from $2 billion on Jan. 1 to $1.9 billion due to revaluation of private investments and a single-digit decline in Palantir shares.
This $100 million drop in Karp’s fortune, corresponding to an average daily loss of $6.67 million, is directly related to the market value decline of his 2.63 percent share in Palantir Technologies. Karp cofounded the startup in 2003 with Peter Thiel, Nathan Gettings, Joe Lonsdale, and Stephen Cohen.
Palantir has experienced a setback after posting remarkable gains in 2023. Its Nasdaq stock decreased by a tiny 1.82 percent, from $17.07 on January 1 to $16.76 at the time of this publication. As a result, the company’s market capitalization fell to less than $37 billion.
Despite a considerable fall in his fortune, Alex Karp remains among the world’s Black billionaires, with an estimated net worth of $1.9 billion. Karp is now ranked 1,585th in Forbes’ list of the world’s richest individuals.
Karp led Palantir Technologies to secure a $250 million contract with the US Defense Department for AI and ML research and development in Q3 2023.