The Palantir big data company officially listed company... and it is one of the 11 technology that would not exist without PayPal
Without PayPal, there might not be Palantir. YouTube. Or SpaceX, LinkedIn and Yelp.
The payments company, launched as Confinity in 1998 by Peter Thiel, Max Levchin and Luke Nosek, grew to become a Silicon Valley giant. It was acquired by eBay in 2002 for 1.500 million dollars (1.280 million euros at current exchange) in a deal that altered the history of Silicon Valley and helped spawn the careers of some of the most famous names in the technology sector. The PayPal mafia, as its first employees became known, has become a benchmark in technology and even an ambassador of the United States.
Palantir, the secret data company that began trading on the New York Stock Exchange this week, is just one of the companies whose seed is PayPal.
Palantir big data company officially listed company
Here are the tech companies that may not have started without the success of PayPal.
- Palantir was founded in part by Peter Thiel, co-founder of PayPal
When it was founded: 2003
What it does: Palantir creates software that manages and analyzes data. Its software helps other companies and agencies such as law enforcement to find patterns in large volumes of data.
How it relates to PayPal: Thiel founded Palantir after the sale of PayPal to eBay and the idea of the company was born from Thiel's experience in handling credit card fraud in PayPal.
Joe Lonsdale, who worked as a PayPal fellow while still at Stanford University, is also a co-founder of Palantir.
- Affirm was launched by Max Levchin, another PayPal co-founder
When it was founded: 2013
What it does: Affirm offers instant lines of credit to customers who shop online, allowing them to buy a product and pay for it over a certain period of time. The company closed a $ 500 million (427 million) round of the G Series last month.
How it is related to PayPal: Affirm is the work of Max Levchin, one of the original founders of PayPal. The company left the incubator of Levchin and he took the position of CEO in 2014.
Levchin founded the company with a team that includes Nathan Gettings, who also co-founded Palantir.
- The ovulation monitoring company Glow was also born from the incubator of startups Levchin
When it was founded: 2013
What it does: Glow creates a family of apps that use data science to help track periods, ovulation, fertility, pregnancy and growth of children.
How it's related to PayPal: Glow was also founded in Levchin'S HVF incubator and this is now its executive chairman.
- YouTube founders worked together on PayPal for the first few days
When it was founded: 2005
What it does: YouTube is a platform for hosting and sharing videos. It was sold to Google in November 2006.
How it is related to PayPal: founders Steve Chen, Chad Hurley and Jawed Karim were the first employees of PayPal.
When PayPal sold to eBay for $ 1.5 billion, it sparked "healthy competition" among the company's alumni, YouTube's first investor, Roelof Botha, told Business Insider earlier this year. When it came time for YouTube to sell, the team intentionally chose a price of $ 1.650 million, 10% more than eBay's price.
- Elon Musk founded SpaceX after working at PayPal
When it was founded: 2002
What it does: the goal of SpaceX, short for Space Exploration Technologies, is to make space flights cheaper and eventually colonize Mars.
How it is related to PayPal: in 1999, Musk launched an online banking company called X.com that company merged with Thiel's Confinity in 2000 and then became PayPal in 2001. Musk was briefly CEO of PayPal before being replaced by Thiel. But when PayPal was sold, Musk received $ 165 million, which he used to start SpaceX.
- Musk was one of the first investors and co-founder of Tesla
When it was founded: 2003
What it does: Tesla makes electric vehicles, batteries and solar panels.
How it's related to PayPal: Musk was one of Tesla's first investors and co-founders. He became CEO in 2008.
- Musk launched The Boring Company when angry about Los Angeles traffic
When it was founded: 2016
What it does: The Boring Company builds underground tunnels with the intention of housing high-speed transit systems to reduce traffic in cities.
How it is related to PayPal: Musk initially proposed to The Boring Company in a white paper in 2013 and launched the Company 3 years later.
- Musk also created OpenAI and Neuralink
When they were founded: 2015 and 2016, respectively
What it does: OpenAI is an artificial intelligence research laboratory, while Neuralink's goal is to make computers that can be implanted in people's brains.
How they are related to PayPal: Musk founded both companies to fight what he sees as the dangers of artificial intelligence.
- LinkedIn was founded by PayPal's first executive, Reid Hoffman
When it was founded: 2002
What it does: LinkedIn is a social network for professionals.
How it relates to PayPal: Hoffman was executive vice president of PayPal in its early days. He founded LinkedIn and was initially its CEO before becoming CEO.
- Yelp was founded by 2 of PayPal's first employees, Jeremy Stoppelman and Russel Simmons
When it was founded: 2004
What it does: Yelp is a platform for hosting reviews and recommendations on local businesses.
How it relates to PayPal: Stoppelman and Simmons met while working at PayPal in the early 2000s. Stoppelman came from X.com and he was vice president of technology while Simmons worked as an engineer. Levchin financially supported the company in its beginnings.
This is the end of the Palantir big data company officially listed company article
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Everything you need to know about Palantir, the hermetic data analysis company that just went public exceeding 16.000 million euros in market capitalization
The Big Data company Palantir has already gone public, starring in a debut in which it has reached 18,800 dollars of market capitalization —just over 16,000 million euros at the current exchange rate—.
The technology company was valued at 18,000 million euros after its last round of financing in 2015. Despite this, the firm of Peter Thiel exceeded the reference price of 7.25 dollars per share that was marked the company in a start.
At the time of its debut, Palantir saw its shares exceed $ 10, 38% more than the initial price. It reached $ 11.40, but fell at the end of the day to $ 9.77.
This firm was founded in 2004 but has maintained a low profile throughout its existence. Last year, rumors began that he was going to jump to the parquet.
One of the first facts Palantir was known for is because it was co-founded by Facebook board member Peter Thiel, one of Donald Trump's biggest allies in Silicon Valley.
Over the past few years, Palantir has become one of the most profitable startups in the United States. It has raised about 2.5 billion euros in venture capital and was valued at about 18.000 million, despite operating under a halo of secrecy.
He works closely with the U.S. government and agencies such as the FBI, the CIA or the Department of Defense, among others. In fact, its CEO, Alex Karp, recently criticized other startups because he believes there is a reluctance to work on defense-related projects.
Palantir boasts of all the good he does, especially in his work with government agencies. Karp has also said he knows of a failed terrorist attack in Europe almost every week.
However, many are closely watching Palantir for his agreements with the U.S. Immigration and Customs Control Service, ICE, the agency responsible for executing President Trump's crackdown on undocumented immigrants in the country. WNYC reported that its agents use Palantir apps during raids against these immigrants.
This controversy has also affected Amazon, as Palantir relies on the Amazon Web Services cloud to run its big data Program. People, both inside and outside Jeff Bezos ' company, have criticized these linkages.
Now, organizations and activists are charging Palantir for working with the Immigration Service by offering IT programs that make most of its core operations possible. For example, they showed up at Palantir's offices in Palo Alto for their contracts with this service.
At the same time, the founders of Palantir go on the attack, and criticize other technology companies that do not work with the U.S. government, and defend a patriotic good faith. Joe Lonsdale, an investor who co-founded Palantir but is no longer linked to the company's operations, said last year that possibly "Palantir is the most patriotic company" in Silicon Valley.
Palantir big data company officially listed company
This is all you need to know about this well-valued and controversial data company.
What is Palantir?
Based in Palo Alto, California, Palantir was founded in 2003 by a group of PayPal alumni and Stanford computer scientists, including its current CEO, Alex Karp.
Palantir creates programs to manage, analyze and secure data. Its name comes from a mystical and spherical object of the Lord Of The Rings, which allows its owner in the fantasy world "see beyond". So far, the company had raised $ 2.75 billion in venture capital —about 2.5 billion euros—.
Palantir works with large companies and government agencies to provide them with big data tools. Despite this, its CEO, Karp, describes himself as a socialist.
The company was born out of Peter Thiel's experience working at PayPal, where credit card fraud cost the company millions of euros each month. To fix the problem, PayPal created a security application that helps workers analyze suspicious transactions.
Palantir uses a similar solution to find patterns in complex datasets. For example, government agencies can use their tools to find clues in phone records, vehicle information, criminal records, biometrics, bank transactions, addresses, and police reports.
Vice already reported that the Palantir programs allow government agencies to enter the registration number of a vehicle and thus get itineraries traveled. Police can even map family or business networks.
According to The Verge, Palantir technology has also been used in predictive work by The New Orleans police, a practice that has had a particular impact on surveillance and arrests of people of color. Palantir has been embroiled in several legal controversies in recent years. In 2017, for example, Palantir had to face accusations from the Labor Department that its hiring practices were being discriminatory against Asians.
In 2016 it became known that Oracle was considering buying Palantir. Previously, Palantir was in talks with Credit Suisse and Morgan Stanley for an eventual IPO during the second half of 2019.
As an unlisted company, Palantir's valuation was estimated to be between $ 11,000 and $ 41,000 million, depending on who makes the estimates. PitchBooks placed its valuation at 20,000 million, about 18,000 million euros.
Now, as a contributor, its market capitalization is at 18.800 million dollars, about 16.000 million euros in exchange.
Why is it so airtight?
Palantir is very airtight. This is because many of their clients include confidentiality clauses because of the nature of their work. As a result, Palantir tends to have a low profile, with almost no sharing of information about how its programs are used or about its own financial results.
Palantir expects to generate $ 1 billion in revenue in 2020 for the first time in its 16-year history.
While it has commercial businesses and non-profit organizations as clients, it also works with many government entities, banks and legal firms. Its clients include Credit Suisse, JP Morgan Chase, the Department of Defense, Merck, Airbus, the FBI or the CIA.
On its website, Palantir explains that its customers use its technology to detect illegal human trafficking, perform financial analysis, respond to natural disasters or catastrophes, combat cyber attacks, prevent terrorist attacks, etc.
Working with government agencies is part of the core business of Palantir. During its early years, the firm only sold data analytics products to U.S. agencies. He now works with various military organizations to gather information about enemy activity on combat missions, or to track criminals, identify fraud, plan logistics, etc.
For example, U.S. Marine Corps uses Palantir software in intelligence tasks, and its Navy construction program analyzes terrain, movement, and climate in remote areas. It has been rumored that he was used to find Osama Bin Laden, although Palantir has never stated anything about it.
Palantir has also been very selective with its own customers. For example, Karp once told Fortune that Palantir abandoned a deal with a tobacco company because of "fear that the company will use the data to detect vulnerable communities to sell cigarettes to."
What does Palantir do with the U.S. Immigration and Customs?
According to USAspending.gov, Palantir has won $ 170 million in public contracts with the US Immigration and Customs Service. Their active bids are worth $ 94 million. Palantir offers the agency a program to manage investigations with which ICE can collect, store and find undocumented immigrant data, phone records, immigration records, etc.
Employees have called for an end to the agreement with this agency, but Karp says the data is being used to combat drug trafficking, not to separate families. Palantir has also argued that ICE uses its technology to investigate criminal activity such as trafficking, child exploitation and to combat terrorism. However, Mijente has reported that ICE agents use the Palantir program to profile undocumented children and their families, which could help create criminal profiles to arrest them.
WNYC also claims that agents use a Palantir program called FALCON to plan raids on offices. The app allows them to search legal databases for information on the migration history of their targets, their family relationships and their recent border crossings.
Last year, two days after the Immigration and Customs Service emailed its staff asking them to use the FALCON app, the agency conducted nearly 100 interventions across the country.
Why do people protest against Amazon?
Todo esto ha salpicado a Amazon, contra quien la gente también protesta porque Palantir usa sus servicios en la nube para ejecutar sus programas. Un colectivo de latinos estadounidenses llamado Mijente llevó una jaula gigante a una protesta en el festival Burning Man para criticar el papel de Amazon y Palantir con el Servicio de Inmigración.
En 2018, un empleado anónimo de Amazon escribió un artículo que colgó en Medium diciendo que al menos 450 trabajadores de la compañía habían enviado una carta al CEO, Jeff Bezos, pidiéndole que dejaran de trabajar con Palantir. Los empleados también criticaron las conexiones de la compañía con el ICE.
El año pasado, trabajadores de Amazon publicaron otra carta interna demandando que Amazon dejara de trabajar con Palantir y se posicionara en contra del Servicio de Inmigración.
Esta misma semana, en una conferencia sobre Amazon Web Services, los activistas interrumpieron la charla para protestar por los lazos de Amazon con la agencia estadounidense.
"Como hemos dicho en varias ocasiones y seguimos pensando firmemente, compañías y organizaciones gubernamentales necesitan usar la tecnología responsable y legalmente. Hay una clara necesidad por que los gobiernos determinen cuándo es aceptable usar la inteligencia artificial para evitar malos usos, y nosotros hemos tramitado una propuesta de marco regulatorio para ello. Seguimos esperando por que el gobierno aclare y legisle, y seguiremos ofreciendo nuestras ideas y sugerencias", dijo un portavoz de Amazon Web Services entonces.