'Not Just Ours': Palantir CEO Says Short Sellers 'Love Pulling Down Great American Companies So They Can Pay For Their Coke'

Palantir Technologies Inc PLTR CEO Alex Karp made a startling claim about short sellers.

What Happened: Karp, in a recent interview, accused short sellers of deliberately driving down the stock prices of American companies to fund their cocaine habits, reported CNBC.

“I love burning the short sellers,” Karp said on “Money Movers.” “Almost nothing makes a human happier than taking the lines of cocaine away from these short sellers, who like, are going short on a truly great American company. Not just ours, but just love pulling down great American companies so they can pay for their coke.”

Karp’s comments came after Palantir’s stock soared by 9.8% on Mar. 6, following the announcement that its Tactical Intelligence Targeting Access Node was chosen by the U.S. Army. The TITAN system uses artificial intelligence to provide targeting information for missiles.

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When a stock rises, short sellers are required to buy back shares, potentially incurring significant losses. Karp suggested that the best thing that could happen to them is if Palantir leads their cocaine dealers to their homes after they can’t pay their bills.

Why It Matters: Palantir’s stock has been on the rise, particularly after the company secured a prime contractor role for the U.S. Army’s TITAN program. This development, announced by Palantir’s CTO Shyam Sankar, led to a 9% surge in the company’s stock.

Furthermore, CNBC’s Jim Cramer recently gave a strong buy recommendation for Palantir, predicting that the stock would continue to rise.

Despite the company’s success, Karp revealed that Palantir has been losing employees due to his public support for Israel. The company, known for its government contract work in defense and intelligence, has provided its technology to support the Ukrainian and Israeli militaries in their respective wars.

Despite the controversy, Palantir's stock has been performing well. On Wednesday, the stock closed at $25.00, marking a 1.21% increase from the previous day's close, according to data from Benzinga Pro.

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Palantir CEO Alex Karp. Photo by WEF on Flickr