Palantir Technologies Inc. increased its stake in electric vehicle maker Faraday Future to nearly 9% after converting receivables into equity. This move follows an earlier report that Palantir owned 1.1 million shares of Faraday Future.
The conversion of receivables into equity indicates a restructuring of financial obligations between the two companies. This action solidifies Palantir's position as a significant shareholder in the EV startup.
While the specific strategic rationale for this investment was not detailed, it represents a notable financial transaction for Palantir. The company's involvement with Faraday Future could provide exposure to the evolving electric vehicle market.
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