Alex Karp, co-founder and CEO of Palantir Technologies, has seen his net worth drop despite a solid start to 2024.
Karp’s wealth has decreased by another $100 million in the last 16 days, according to Forbes’ real-time billionaire tracker. His net worth is presently $2.6 billion, down from a high of $2.8 billion attained in March.
Karp’s fortune has declined despite Palantir reaching great milestones under his leadership. The business has received a $178.4 million contract from the U.S. Army to develop and deploy the TITAN ground station system. TITAN offers a significant advancement in defense technology, utilizing artificial intelligence and machine learning (AI/ML) to transform deep-sensing capabilities.
The $100-million drop in Karp’s fortune, with an average daily loss of $6.25 million, is principally due to the continued reduction in the market value of his 2.63 percent ownership in Palantir Technologies. Karp co-founded the company with Peter Thiel, Nathan Gettings, Joe Lonsdale, and Stephen Cohen in 2003, and its share price has fallen on the Nasdaq Stock Exchange.
Palantir shares have decreased 4.29 percent in the past 16 days, from $22.86 on April 1 to $21.88 as of writing. This drop has lowered the company’s market capitalization below $50 billion.
As a result of the recent drop in the company’s shares, the market value of the notable business leader and computer entrepreneur’s shareholding has fallen by $57 million in the last 16 days, from $1.33 billion on April 1 to $1.27 billion at the time of writing.
Despite the fall in his Palantir assets, Karp remains among the world’s Black billionaires. Forbes estimates his current net worth to be $2.6 billion, putting him around 1,291st on the list of the world’s wealthiest people.