(Bloomberg) — Peter Thiel sold nearly $600 million in shares of Palantir Technologies Inc. this week. sold, bringing its total divestments this year to more than $1 billion.
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He sold more than 16 million shares in three days this week, adding to the 20 million shares he sold in March and May, according to a regulatory filing.
Palantir announced in December that entities owned by Thiel had adopted the kind of trading plan that executives of publicly traded companies typically use to plan sales. The billionaire planned to sell as many as 20 million shares. In May, the entity adopted a second trading plan that includes as many as 28.6 million shares, a filing shows.
The files did not reveal why Thiel sold the shares or what he plans to do with the money. He did not respond to a request for comment. The 56-year-old co-founder of Palantir and has a fortune of $12.4 billion, according to the Bloomberg Billionaires Index.
Thiel sold only common stock, not shares from the share classes with special voting rights that give him and co-founders Alex Karp and Stephen Cohen control over the board.
Palantir was added to the S&P 500 this week. Its shares have more than doubled so far this year.
–With help from Biz Carson.
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