Alexander Caedmon Karp (Alex Karp), co-founder of Palantir Technologies, has rejoined the exclusive list of Black billionaires with a net worth exceeding $2 billion, thanks to the remarkable performance of his stake in the data analytics company.
Karp’s net worth stands at an impressive $2.2 billion. Since the start of the year, his net worth has skyrocketed by $900 million, propelling him into the league of Black billionaires in America with a net worth exceeding $2 billion.Â
According to Forbes, he presently holds the 1,453rd spot on the list of the world’s richest individuals. The surge in Karp’s wealth has positioned him as one of the six Black billionaires in the United States with fortunes exceeding $2 billion.
The notable increase in Karp’s fortune can be linked to the remarkable performance of his 2.63 percent stake in Palantir Technologies, the company he co-founded in 2003 with Peter Thiel, Nathan Gettings, Joe Lonsdale, and Stephen Cohen.
Billionaires.Africa‘s data indicates that Karp’s stake in Palantir has surged in value by an impressive $757.2 million this year alone, rising from $358.2 million on Jan. 1 to $1.12 billion at the time of reporting.
Palantir’s shares on the Nasdaq Stock Exchange have witnessed a staggering 211 percent increase, rising from $6.42 to $19.99 at the time of drafting this report, resulting in a market capitalization surpassing $42 billion.
Investors’ renewed interest in Palantir was sparked by the company’s strong first-quarter earnings that surpassed analysts’ expectations. Palantir reported an 18-percent increase in revenue for the quarter, reaching $525 million compared to $446 million in the previous year.
Its U.S. commercial revenue experienced significant growth of 26 percent, while its customer count in the U.S. commercial sector surged by 50 percent, from 103 customers to 155.
Karp’s impressive wealth gain this year puts him among a select group of Black billionaires who have seen substantial increases in their net worth. Hip-hop’s first billionaire, Jay-Z, Zimbabwe’s richest man, Strive Masiyiwa, and America’s second-richest Black man, David Steward, are among the few Black Billionaires who have recorded staggering wealth gains in 2023.
Karp’s journey back to the exclusive list of Black billionaires showcases the success and growth of African-American entrepreneurs in the tech industry.
As Palantir Technologies continues to thrive, Karp’s fortunes are likely to keep soaring, solidifying his position as one of the world’s wealthiest Black individuals.
