Palantir Technologies (NYSE:PLTR) now has an 8.7% stake in California-based EV maker Faraday Future (NASDAQ:FFIE), according to a filing made by the data analytics company with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
What Happened: According to the filing, Palantir received 827,526 shares of Faraday Future on Oct. 2 "as payment for certain outstanding receivables," taking its total number of the EV maker's shares to 1,080,294. The filing does not provide details on the payment including the amount or the service it was made for.
Faraday Future shares closed up 5.2% at $2.45 on Wednesday, meaning that Palantir's stake in the EV maker is currently valued at over $2.6 million. However, the stock is down by nearly 90% year-to-date, according to data from Benzinga Pro.
Neither Faraday Future nor Palantir immediately responded to Benzinga's request for comment.
Why It Matters: Faraday Futures is struggling. For the three months through the end of June, the company reported revenue of just $293,000 and a net loss of $108.7 million.
The company has also managed to deliver only a few number of its electric vehicles to date.
Faraday got listed in 2021 by merging with a special purpose acquisition company (SPAC) like several other EV makers then. EV maker Lordstown Motors, which went public in 2020 via a merger with a SPAC, filed for bankruptcy in 2023 and was subsequently delisted.
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Photo courtesy: Faraday Future
