Palantir falls after Pentagon eyes funding cuts to some parts of military by 8%
Shares of data analytics company Palantir Technologies PLTR.O fall 4.7% to $106.9 in after-hours trade
U.S. Defense Secretary Pete Hegseth asks parts of the military to propose what could be cut as part of a potential 8% spending reduction for them over each of the next five years
Palantir provides governments with services such as software that visualizes army positions
Officials said it does not appear that Hegseth wanted a major budget cut, but was looking to re-prioritize funding to better align with President Donald Trump's national security priorities
CEO Alex Karp adopted a trading rule in December that would allow him to sell nearly 10 million PLTR shares through September 12 this year, according to a filing on Tuesday
PLTR was up 340% in 2024
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