Explanation of the headline after the jump.
From Wolf Street, May 9:
Palantir, like Hundreds of Startups Designed to Lose Money and Bamboozle Investors, Runs out of Bamboozle: -84% from High
Those that believed the hype and hoopla and didn’t get out in time got thackamuffled.
Palantir Technologies, which went public in September 2020 via a direct listing amid enormous hype and hoopla, has now earned a much coveted spot in my Imploded Stocks column.
Today, Palantir reported another huge loss, this time $101 million, on $446 million in revenues, bringing its total loss over the past four years, to $2.86 billion. Its revenue outlook for Q2 was below what Wall Street expected. Shares [PLTR] kathoomphed 22% so far today, and 84% from the peak in January 2021, to $7.40 a new all-time low. They’re down 26% from the first trade in September 2020 (data via YCharts):
The intelligence startup sells automated data analytics systems to the Pentagon, CIA, NSA, ICE, and other federal agencies, and to state and local agencies, including to police agencies. Feeding at the public trough of government agencies in this manner sounds awesome for Wall Street in a grisly sort of way....
....MUCH MORE
From a 2007 post on the extraordinary $6 billion blow-up of a natural gas trader:
Amaranth: In All Fairness...
Nick Maounis of Amaranth got taken, deep.
But it was his fund, his trader.
I once knew a guy who lost retail clients a bunch of money in a deal in which the manager also had some skin. His legal team brought this up repeatedly in court.
Finally the judge got tired of the B.S. and said:
"I am not allowing the stupidity defense".
At that point one of the spectators on the rail said
"Billy, you done bammed your last boozle".
Even the judge couldn't keep a straight face and the defense attorney was giggling as he asked for an immediate mistrial.
Mr. Maounis sent this three page letter to the Amaranth investors yesterday....
