Palantir shares plunge on news of Pentagon budget cuts order

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Palantir shares plunge on news of Pentagon budget cuts order

Palantir co-founder & CEO Alex Karp attends meetings at the U.S. Capitol in Washington, U.S., October 18, 2023.

Jonathan Ernst | Reuters

The share price of Palantir fell by as much as 12% on Wednesday after a

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that the Pentagon has been ordered to prepare to cut the U.S. defense budget by 8% each year for the next five years.

Palantir is best known for its contracting work providing software and technology services for defense agencies.

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