African-American billionaire Alex Karp, co-founder and CEO of Palantir Technologies, has seen his net worth decline further after a strong start to 2024.
Following a $100 million drop between March 13 and April 1, Karp’s wealth has shed another $100 million over the past 16 days, according to Forbes’ real-time billionaire tracker. His net worth now sits at $2.6 billion, down from a peak of $2.8 billion reached in March.
The decline in Karp’s fortune comes despite Palantir achieving impressive milestones under his leadership. Recently, the company secured a $178.4-million contract with the U.S. Army for the development and deployment of the Tactical Intelligence Targeting Access Node (TITAN) ground station system. TITAN represents a leap forward in defense technology, leveraging artificial intelligence and machine learning (AI/ML) to revolutionize deep-sensing capabilities.
Palantir’s market cap slips below $50 billion
The $100-million plunge in Karp’s wealth, averaging a daily loss of $6.25 million, is primarily linked to the sustained decline in the market value of his 2.63-percent stake in Palantir Technologies. The company, co-founded by Karp alongside Peter Thiel, Nathan Gettings, Joe Lonsdale, and Stephen Cohen in 2003, has seen its share price fall on the Nasdaq Stock Exchange.
Over the past 16 days, Palantir shares have dropped 4.29 percent, falling from $22.86 on April 1 to $21.88 at the time of writing. This decline has pushed the company’s market capitalization below the $50 billion mark.
Alex Karp’s Palantir stake declines by $57 million
As a result of the recent slump in the company’s shares, the market value of the stake owned by the prominent business executive and tech entrepreneur has decreased by $57 million over the past 16 days, dipping from $1.33 billion on April 1 to $1.27 billion at the time of writing.
Despite this decline in his Palantir holdings, Karp retains his position among the world’s Black billionaires. Forbes estimates his current net worth to be $2.6 billion, placing him at approximately 1,291st on the list of the world’s richest individuals.
