Palantir Stock Tanks 10% As CEO Sell Plan, Defense Budget Cuts Spark Sell-Off
1. PLTR stock fell 10% following CEO Alex Karp's planned sale announcement. This move raised investor concern. 2. CEO plans to sell nearly 10M shares in six months. The volume intensified market sell pressure. 3. Pentagon faces 8% annual defense budget cuts, potentially affecting PLTR defense contracts. This adds additional headwinds. 4. Shares dropped after a meteoric 50% YTD surge. The high P/E ratio signals limited tolerance for errors.