According to the information obtained by China Finance APP, Palantir Technologies (PLTR.US) co-founder and chairman Peter Thiel recently sold nearly $0.6 billion worth of company stocks, bringing his total sales for the year to over $1 billion. This billionaire sold over 16 million shares of Palantir stock through his investment company Rivendell 7 LLC this week, following the sales of 20 million shares in March and May. Although regulatory filings did not disclose the reason for Thiel's stock sales, nor did they indicate how he would use the funds, these transactions highlight his confidence in the company's future.

Mr. Thiel only sold Palantir's common stock, retaining shares with special voting rights, ensuring his continued control of the board of directors along with co-founders Alex Karp and Stephen Cohen. According to documents submitted by Palantir in August, Rivendell 7 LLC adopted a "10b5-1 rule plan" on May 15, allowing it to sell up to 28,590,737 shares by December 31, 2025.

Thiel's most recent sale of Palantir stock was from May 8th to 10th, where he sold 13 million shares through a trading plan set up until December, totaling $0.2735 billion, with an average selling price of $21.11 per share. After these trades, Rivendell 7 still holds 62.9 million shares of Palantir stock, while Thiel's other investment company, STS Holdings II LLC, sold 5 million shares, leaving 15.7 million shares remaining. In addition, Thiel's other investment companies hold 21 million shares of Palantir stock, as well as 32.5 million shares of Class B stock with super voting rights.

It is worth noting that Palantir's stock has recently been included in the s&p 500 index, and so far this year, its stock price has doubled. While Thiel's large-scale sales may attract some market attention, considering his emphasis on retaining voting control and the company's strong stock performance, these transactions may not have a negative impact on Palantir's long-term prospects.