Palantir shares drop after CEO stock trading plan, DoD budget cut report

Shares of Palantir (PLTR) were trading lower after-hours following a sharp dip during regular trading after a number of news stories, namely news that CEO Alex Karp had adopted a new stock trading plan and a report from the Washington Post that U.S. Defense Secretary Pete Hegseth ordered senior leaders at the Pentagon and throughout the U.S. military to develop plans for cutting 8% from the defense budget in each of the next five years. According to a regulatory filing from earlier this week, Karp’s new plan will allow him to sell nearly 10M shares of Palantir stock in the next six months. Meanwhile, the memo from Hegseth, according to the Washington Post, exempts a handful of programs, including President Trump’s expanded military mission along the U.S.-Mexico border. Palantir shares are down 3.6% in after-hours trading after closing the session 10% lower.