Palantir Billionaire Peter Thiel Just Bought This Magnificent Artificial Intelligence (AI) Stock Up 347,260% Since Its IPO
Thiel is most famous for co-founding PayPal and Palantir, and being Facebook's earliest outside investor.
Overview
Peter Thiel gained early fame for being a co-founder of PayPal alongside Elon Musk. After selling that company to eBay, Thiel used his newfound fortune to become a venture capitalist. One of his earliest multibaggers came from investing in Facebook (now Meta Platforms) in 2004. Thiel later co-founded Palantir Technologies, the data analytics firm that has become a cornerstone of government and enterprise intelligence work.
Today, the serial entrepreneur manages capital through a hedge fund called Thiel Macro. According to the fund's latest 13F disclosure, in the second quarter, it opened a new stake in Amazon (NASDAQ: AMZN) -- acquiring 495,000 shares valued at roughly $118 million. This represents about 28% of the hedge fund's portfolio. This suggests that despite the stock already having a generational rise behind it -- with a 347,260% return since its IPO in 1997 -- Thiel still sees upside in Amazon.
Details
That purchase raises an interesting question, though. Why would a contrarian thinker who is famous for seeking out monopolies suddenly invest in a company that faces intense competition on every front?
Source
Originally published at www.fool.com.