Palantir jumps to Silicon Valley en route to Wall Street

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Palantir Technologies Inc., a software company founded in Silicon Valley to help governments and businesses collect and analyze data, used its Tuesday filing for a direct listing to confirm its remoteness from the California tech hub and state that “We seem to share fewer and fewer values ​​and commitments from the tech industry. ”

The controversial and secret software company, co-founded by Facebook Inc. FB,
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Peter Thiel, a board member and supporter of Donald Trump, released his filing to the U.S. Securities and Exchange Commission on Tuesday. The document begins with a letter from chief executive Alexander Karp who defends Palantir’s work with governments and armies around the world and declares its differences with Silicon Valley, which the company left for Denver.
“Our company was founded in Silicon Valley,” Karp wrote. “But we seem to share less and less the values ​​and commitments of the technology sector.”
Lis:Palantir plans to go public as it moves away from government work addiction CEO letters are fairly common in repositories for both initial public offerings and direct listings, but Palantir took the approach a step further by making Karp’s letter the first section of its filing. Karp’s letter referred to advertising-based business models such as Alphabet Inc.’s Facebook and GOOGL,
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GOOG,
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Google for its data practices while advocating Palantir’s use of data for monitoring and other purposes.
“From the start, we have repeatedly turned down opportunities to sell, collect or extract data. Other tech companies, including some of the biggest companies in the world, have built all of their businesses for this, ”Karp wrote. “Software projects with our country’s defense and intelligence agencies, whose mission is to ensure our security, have become controversial, while companies based on advertising funds are commonplace. For many mainstream internet companies, our thoughts and inclinations, behaviors and browsing habits are the product for sale. The slogans and marketing of many of the valley’s biggest tech companies attempt to mask this simple fact. “
Palantir has faced acrimony and anger far beyond Silicon Valley for his secret work with powerful entities. The company has contracts with the Department of Homeland Security and US Immigration and Customs Enforcement, including for software used to track migrants across the border. For this reason, he has been targeted by protesters and activists, including Mijente, an immigration advocacy group.
“It’s not just a matter of a pocket in the country, protests are taking place across the country,” said Jacinta Gonzalez, senior campaign manager in Mijente, adding that advocacy groups in Colorado already had it. contacted about Palantir.
“Palantir is complicit in the surveillance, arrest and deportation of our communities through their work with ICE,” said Gonzalez. “Their S-1 recognizes that these are risky contracts to take. We call on investors around the world not to invest during the IPO. “
See also: CEO Who Made One of Silicon Valley’s Worst Acquisitions Wants $ 400 Million Blank Check
Employees of large tech companies such as Google, Amazon.com Inc. AMZN,
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, Microsoft Corp. MSFT,
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and Salesforce.com Inc. CRM,
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protested against some of their companies’ contracts with the federal government, including ICE. But Karp said Palantir employees “embrace the complexity” of federal work that includes monitoring enemies and developing war plans.
“Building software platforms that allow more effective monitoring of the state of adversaries or that help soldiers execute attacks raises countless issues, involving points of tension and trade-offs between our collective security and the individual privacy, the power of machines and the types of lives we want and need to lead, ”Karp wrote. “The ethical challenges that arise are constant and relentless. We accept the complexity that comes from working in fields where the stakes are often very high and the choices may be imperfect. “
Chris Hoofnagle, faculty director at UC Berkeley’s Center for Law & Technology and who sits on the Palantir Council on Privacy and Civil Liberties, said Tuesday he was “bewildered” by resistance from tech companies to work with. the federal government, which contributed to the rise of Silicon Valley before the venture capitalist boom. He attributed this to “reaction training or other youthful confusion.”
“Silicon Valley wouldn’t even exist without the Department of Defense,” Hoofnagle said. “Most of the technologies developed here are dual-use and cannot be created without contributing to military force.”
Irina Raicu, director of internet ethics at the University of Santa Clara’s Markkula Center for Applied Ethics, told MarketWatch on Tuesday that Karp’s letter “includes very old (and repeatedly debunked) tropes of Silicon Valley ”and pushed back three specific points from the CEO. .
“For example, that ‘[t]The market between the public and the tech industry has been mostly consensual, in that the value of the products and services available seemed to outweigh the privacy breaches that allowed them to flourish, ”Raicu wrote. in an email, quoting Karp’s letter. “It has become very clear over the past few years that the public does not understand the privacy invasion practices behind many of the services available to them; assumed that laws were in place to prevent such practices; and lobbied for new laws to prevent them.
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Responding to Karp’s assertion that Americans will “not remain tolerant of valley idiosyncrasies and excesses,” Raicu said Americans have not tolerated the valley’s actions for years, adding that “Palantir surely gathered enough data to be aware of it. . “
As for Karp’s statement that Palantir has “chosen sides” between Silicon Valley and the government, Raicu said that “Palantir’s clients in law enforcement and intelligence agencies do not represent a ‘side. Different from the American public.

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