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Key Points
- Alex Karp’s net worth surged to $5.9 billion, positioning him as the third-richest Black billionaire in the U.S., surpassing Michael Jordan and Oprah Winfrey.
- Karp’s success is fueled by Palantir’s AI-driven growth, securing key government contracts and boosting investor confidence.
- Palantir's stock price has jumped 234% in 2024, fueled by growing demand for AI applications, boosting Karp’s wealth by $430 million in one day.
Alex Karp, the CEO of Palantir Technologies, has experienced a dramatic surge in his wealth, propelling him to a net worth of $5.9 billion and securing his position as the third-richest Black billionaire in the U.S., surpassing NBA legend Michael Jordan and media icon Oprah Winfrey.
Karp’s fortune grew by $430 million within 24 hours, marking a significant uptick from $5.47 billion to $5.9 billion, according to Forbes.
This mirrors a broader trend seen across the global elite, with the ten richest people worldwide collectively gaining $64 billion in a single day, following Donald Trump’s win in the U.S. presidential election.
AI Power: Karp’s wealth doubles
The sharp rise in Karp’s wealth is a part of an ongoing trend this year, with his fortune more than doubling from $2.9 billion in June to the current $5.9 billion, an increase of nearly $3 billion since July 1, 2024.
This surge has placed Karp ahead of both Jordan and Winfrey, positioning him only behind David Steward and Robert F. Smith among Black billionaires in the U.S.
The spike in Karp’s fortune is directly tied to the performance of Palantir Technologies, the big data analytics company he co-founded in 2003 alongside Peter Thiel, Nathan Gettings, Joe Lonsdale, and Stephen Cohen.
Karp holds a 2.63-percent stake in the company, which has benefitted immensely from a boom in the artificial intelligence (AI) sector.
Palantir's stock price has soared by 234 percent since the start of the year, pushing the company’s market capitalization above $124.3 billion.
The company’s revenue for the first nine months of 2024 rose 26.06 percent to $2.04 billion, up from $1.62 billion in the same period of 2023.
The growth was largely driven by escalating demand for AI applications, positioning Palantir as a dominant player in the rapidly evolving AI landscape.
Government deals drive Palantir growth
Karp’s wealth surge underscores his success as an entrepreneur and mirrors tech companies’ gains from artificial intelligence, securing his status among the world’s tech elites.
Palantir’s recent stock jump reflects optimism following Trump’s election win, but the company’s solid performance and key role in AI continue to buoy investor confidence.
U.S. revenue for the first nine months of 2024 climbed 44 percent to $499 million, with the commercial segment up 54 percent to $179 million.
Government revenue rose 40 percent to $320 million, as Palantir leverages AI’s growth, driving both earnings and Karp’s wealth to new heights.
