#Morgan stanley writedown palantir software#

In a second memo on Sunday, Palantir shared a statement from Morgan Stanley that said the bank had started locating shareholders who might have been affected 'to determine any compensation due,' adding that it could take a few days for the bank to 'review and remediate where appropriate.' The company's last private valuation, from a venture funding round in 2015, was $20 billion. But it closed out its opening day at $9.47 per share.īy midday Monday, the stock was trading just about $9 per share, for a market capitalization just under $15 billion.

Palantir opened its direct listing last week at $10 per share before climbing to $11.41. The timing of sales was particularly sensitive in the Palantir direct listing because of the instability of the price.

It's unclear how many shareholders were affected by the Shareworks glitch. These shareholders were subject to a lockup, which restricted them from selling more than 20% of their shares when the stock listed. Palantir went public through a direct listing last week instead of a traditional initial public offering, which meant that shares were sold directly to the public from existing shareholders like employees, founders, and venture capitalists. We will work through any issue that is brought to our attention and ensure that no employee will be disadvantaged,' the spokesperson said in a statement last week. 'At all times our call centers were available to execute trades. But behind the cloak-and-dagger image, insiders and investors say, it's struggled to build a steady revenue model. Read more: Secretive Palantir Technologies is preparing to go public. And while it was a successful listing (we pulled off the near impossible in getting the company listed and out in less than 6 months) it was blemished by Shareworks' failure,' that email added.Ī spokesperson for Palantir declined to comment on the emails.Ī spokesperson for Shareworks by Morgan Stanley told Business Insider that it had 'experienced slowness that may have resulted in delayed logins into our system.' 'The issues that we encountered with Shareworks are very frustrating. 'We have and will continue to put the weight of the company behind protecting our hobbits and helping make sure Morgan Stanley is good to its word,' that email said, referring to employees with a reference to 'Lord of the Rings.' Morgan Stanley 'intends to 'make people whole' who were affected by the Shareworks failure,' Palantir wrote in the email from Saturday. That glitch temporarily prevented some employee and alumni shareholders from selling shares during the tech company's direct listing.

#Morgan stanley writedown palantir software#

Palantir placed blame squarely on Morgan Stanley following a glitch in the bank's trading software Shareworks on Wednesday, according two unsigned emails sent to 'Palantirians' on Saturday and Sunday, which were obtained by Business Insider. Visit Business Insider's homepage for more stories.A spokesperson for Shareworks at Morgan Stanley said the issue was a 'slowness' that 'may have resulted in delayed logins into our system.'.In an unsigned email sent late in the evening Sunday, Palantir said it had heard from Morgan Stanley that the bank was in a 'war room' all weekend working to determine which shareholders were owed compensation.The problem stemmed from a glitch with Morgan Stanley's trading platform Shareworks.In two emails sent internally this weekend, Palantir Technologies blamed Morgan Stanley for a 'failure' that left some employee and alumni shareholders unable to sell their shares when the company made its public debut last Wednesday.Account icon An icon in the shape of a person's head and shoulders.