African-American tech billionaire Alex Karp has experienced a significant boost in wealth, with his net worth increasing by $600 million in the past nine days. This surge is attributed to the strong performance of his stake in the big data analytics company Palantir Technologies
According to data tracked by the U.S. business magazine Forbes, Karp’s net worth, which stood at $1.9 billion on Feb. 1, has swiftly climbed to an impressive $2.5 billion at the time of drafting this report — further solidifying his position among the world’s Black billionaires.
Palantir power play: Karp’s fortune skyrockets with nine-day 49.3-percent stock surge
The recent increase in his fortune, equivalent to an average daily gain of $66.7 million since Feb. 1, is linked to the 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.
Palantir shares on the Nasdaq Stock Exchange have soared by 49.30 percent over the past nine days, rising from $16.33 on Feb. 1 to $24.38 at the time of drafting this report, thus pushing the group’s market capitalization above the $53-billion mark.
Karp’s wealth soars: Palantir stake surge elevates him among Black billionaires
As a result of the recent surge in the company’s shares, the market value of the stake held by the leading business executive and tech entrepreneur has increased by $460 million over the past nine days, soaring from $934 million on Feb. 1 to $1.4 billion at the time of writing.
With the recent surge of nearly 50 percent in his stake in Palantir, Karp has cemented his position among the world’s Black billionaires. Forbes notes his current position at 1,264th on the list of the world’s wealthiest individuals — a significant jump from 1,606th on Feb. 1.
Karp’s position among Black billionaires underscores the success of African-American entrepreneurs in the tech sector. With Palantir’s continued success, Karp’s wealth is poised to grow, further establishing his standing among the world’s richest Black individuals.