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Palantir Slides With Nearly All Shares Unlocked for Trading

  • Two longtime investors said they will hold; Soros to exit
  • Stock restriction was an unusual condition of direct listing
Palantir Technologies Inc. during the company's initial public offering.

Palantir Technologies Inc. during the company's initial public offering.

Photographer: Michael Nagle/Bloomberg
Updated on

Palantir Technologies Inc. declined 7% on Thursday after a flood of shares became eligible to sell for the first time.

Nearly all shares are now unlocked for trading, the result of an unusual restriction placed on stockholders when the data software company went public. Such lockups are common after initial public offerings but less so for companies that list their shares directly on an exchange, as Palantir did on the New York Stock Exchange in September.