Palantir Technologies Inc. 's direct listing in September unusually included a lockup period, which expires today. Insiders were only allowed to sell 20%of their shares in the listing, which means the remaining 80% are open for trading today. Palantir shares aredown 5.8%pre-market.
Palantir has faced valuation concerns with shares closing yesterday at about 274% above its direct listing reference price.
Soros Fund Management will continue exiting its position that amounted to 18.46M shares as of November, when the fund said it regretted the investment and "does not approve of Palantir's business practices."
The fund said at the time it had sold all the shares it could and would keep selling,when permitted.
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