Topics
Latest
AI
Amazon
Image Credits:Michael Nagle/Bloomberg(opens in a new window)/ Getty Images
Apps
Biotech & Health
mood
Image Credits:Michael Nagle/Bloomberg(opens in a new window)/ Getty Images
Cloud Computing
Commerce
Crypto
initiative
EVs
Fintech
fund raise
gizmo
Gaming
Government & Policy
Hardware
Layoffs
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
societal
Space
Startups
TikTok
Transportation
Venture
More from TechCrunch
Events
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
Palantir now have 8.7 % of struggle galvanizing vehicle startup Faraday Future , according to a newfilingwith the U.S. Securities and Exchange Commission .
The data - mining company was granted more than 800,000 part in the EV inauguration on October 2 “ as requital for certain undischarged receivables ” — the equivalent of close to $ 2.4 million judging by Faraday Future ’s stemma price on that twenty-four hour period . Palantir does n’t explicitly say what receivables were outstanding . But the companionship quietly entered a settlement earlier this yr after the EV inauguration stopped paying the data ship’s company for service it agreed to buy all the way back in 2021 .
Palantir discover the dealing in what ’s known as a 13 - G filing , intend it mean to treat the stake passively , so it ’s not likely that Palantir will endeavor to hold sway over what slight business Faraday Future has these days . The EV caller has only delivered around a dozen cars and is constantly in pauperization of new funding .
Instead , Palantir ’s stakes is a sort of peculiar termination of the last few years , where so many EV startups rapidly went boom and then stony-broke .
Faraday Future was one of many EV startup that hop on the special purpose acquisition company ( SPAC ) fad happening at the time . It was rewarded for following the crowd : The startupraised $ 1 billionwhen it merged with a SPAC and became a public caller .
Palantir play a small part in that process , throwing$25 million into the Private Investment in Public Equity ( PIPE ) destiny of the uniting , where the company going public sells portion to outside companies take care to join the drive . In exchange , Faraday Future contract a commercial-grade declaration with Palantir to use the data - mining company ’s avail . ( Palantir dida phone number of these sort of transactions — investing in SPAC mergers and simultaneously sign commercial-grade contracts — at the metre . ) Palantir ultimately sold those plowshare .
Faraday Futuresaidin 2021 that its partnership with Palantir would help the EV startup “ develop troubled merchandise and services . ” But the partnership break away down . Palantir send Faraday Future a letter of the alphabet in April 2023 aver the EV startup had breached the agreement , grant to SECfilings . The data - mining company take it was owe $ 12.3 million . In July 2023 , Palantir filed a demand for arbitration claiming the “ amount in controversy ” was actually $ 41.5 million .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
The two ship’s company get through a colonization in March 2024 . Faraday was hypothesize to pay $ 5 million , but $ 4.8 million of that was still outstanding in August , when the companionship amended the settlement . Faraday Future then pledged to pay Palantir $ 2.4 million worth of company stock in August and again in October .
Faraday Future made that first payment in line of descent before it do a 1 - for-40 reverse stock split on August 16 , meaning Palantir initially did n’t own all that much of the startup . But the second payment come after the stock split , give it far more percentage and , therefore , a nearly 9 % ownership stake .
Neither fellowship like a shot responded to a asking for input .
