(PLTR), (ARKW) – George Soros regrets buying Palantir and will sell his stake

It was revealed last Friday that Soros Fund Management, headed by George Soros, held a significant position in the recent direct listing. Palantir Technologies (NASDAQ: PLTR).

What happened: A 13F filing showed Soros Fund Management held 18.5 million shares of Palantir, valued at $ 175 million at the end of the third quarter.

Soros said on Tuesday that the investment in Palantir was made in 2012.

“SFM made this investment at a time when the negative social consequences of big data were less understood. SFM would not make an investment in Palantir today, ”Soros said, according to Bloomberg.

Soros said the share purchase was made by a fund manager who was no longer with the company. The company has sold all of the shares it was authorized to sell and will continue to sell shares.

Related Link: Why SuRo Capital Could Be A Palantir Play

Why this is important: Soros Fund Management and Cathie Wood’s Internet Ark Next Generation ETF (NYSE: ARKW) were two large funds that presented positions in Palantir.

“SFM does not endorse Palantir’s business practices,” the Soros Fund said.

Palantir hit new highs of $ 18.75 in Tuesday’s session. The shares closed up 12% at $ 17.85.