Data analytic company Palantir has bought around $50.7 million worth of physical gold in the form of 100-ounce bars. The company added that the purchased gold will be kept in a third-party facility located somewhere in the northeastern United States. It added that the purchase was meant to counteract any potential future “black swan events,” that could occur, as the company chooses gold rather than Bitcoin which many companies such as Square and Tesla have been doing.
In addition to this new filing of gold being purchased, Palantir has disclosed that it’s investing in many young companies and startups via private equity or special-purpose acquisition companies (SPACs) with the company committing a total of $330 million spread across around 17 companies. This extensive list includes names such as Fast Radius, which offers a “cloud manufacturing platform,” or Tritium who develops electric vehicle chargers. The company has committed around $20 million towards Fast Radius and an additional $15 million towards the latter. The stock is down 3.57% for the week closing on Friday at $24.01.