It was revealed last Friday that Soros Fund Management, ran by George Soros, owned a large position in recent direct listing Palantir Technologies (NASDAQ:PLTR).
What Happened: A 13F filing showed Soros Fund Management owned 18.5 million shares of Palantir, valued at $175 million at the end of the third quarter.
Soros said Tuesday the Palantir investment was made back in 2012.
“SFM made this investment at a time when the negative social consequences of big data were less understood. SFM would not make an investment in Palantir today," Soros said, according to Bloomberg.
Soros said the purchase of shares was done by a money manager who is no longer with the company. The company has sold all shares it was allowed to sell and will continue to sell shares.
Related Link: Why SuRo Capital Could Be A Palantir Play
Why It’s Important: Soros Fund Management and Cathie Wood's Ark Next Generation Internet ETF (NYSE:ARKW) were two large funds that showed positions in Palantir.
“SFM does not approve of Palantir’s business practices,” said the Soros Fund.
Palantir hit new highs of $18.75 in Tuesday's session. Shares closed up 12% to $17.85.