Activist Investors Pressure Palantir on Human Rights
Ethical investors pressure tech company over business practices
Palantir Technologies, a tech analytics company, faces new pressure from a group of activist investors. The Investor Alliance for Human Rights has raised concerns about the firm’s contracts with government agencies like the U.S. Immigration and Customers Enforcement (ICE). It also accused the company of aiding the Trump administration.
The investor group says it represents 150 institutional investors with $4 trillion under management. The pressure represents a rare instance where activists target a private company.
“Through its multimillion-dollar U.S. government contracts, Palantir has played a mission-critical role in enabling ICE to carry out its activities,” the investor alliance told Reuters this week. “The company is failing to fulfill its human rights responsibilities.”
Palantir Technologies Disputes the Claim
Meanwhile, Palantir Technologies is a private company. However, it does have public backers like Allianz and BlackRock. The company says that Alliance’s charges are misguided.
“We always welcome an honest and open dialogue when it comes to complex societal issues, so it is disappointing to see a one-sided view,” Courtney Bowman, Palantir’s director of privacy and civil liberties engineering, told Reuters.
The activist group has also protested other prominent American companies over controversial platforms. In 2018, the firm also targeted Amazon.com over its facial recognition technology.
Recently, Amazon formally announced its “global human rights principles.” The firm says that it has a “responsibility to respect and uphold internationally recognized human rights through the ethical treatment of our workforce and those within our value chain.”
Latest Alternative Investment News
Premier Oil is the target of a massive short position. Asia Research & Capital Management (ARCM) has reportedly built a massive bet against the energy company.
Magnetar Capital will launch its first healthcare hedge fund in 2020. The firm aims to close a $400 million fund by mid-2020, according to Bloomberg. The company will look to…
Security researchers at cybersecurity firm Check Point relate how Chinese hackers hijacked $1 million of seed money that was supposed to travel from a Chinese venture capital firm to an…
Billionaire Bill Ackman and his hedge fund are having a great 2019. Last month, Ackman’s hedge fund added another gross return of 3.4% — or 3.2% after fees. This gain…