palantir covid  vaccine tracker
Source: Getty

Palantir Joins Forces with U.S. to Help Track COVID-19 Vaccine

By

Oct. 22 2020, Updated 2:48 p.m. ET

On Oct. 21, Palantir Technologies announced that it will help the U.S. government track and monitor COVID-19 vaccines. The announcement is in addition to the virus data tracking that the company already does. Palantir stock has been rising on Thursday, Oct. 22, but the company's COVID-19 involvement isn't the only factor at play.

Article continues below advertisement
palantir covid vaccine
Source: istock

Palantir's involvement in COVID-19 was already in the making

Palantir announced that it will help the U.S. government track COVID-19 vaccines as they are developed, distributed, and administered to people across the U.S. As a data-mining company, Palantir will be tracking the vaccines through modern scientific software called Tiberius. According to the company, the goal is to help get Americans COVID-19 vaccines and promote efficiency when it comes to COVID-19 immunity.

Article continues below advertisement

The new development isn't Palantir's first foray into COVID-19 tracking with the U.S. government. In fact, the company has been using its software to help monitor the progression of the coronavirus for months. Specifically, Palantir tracks coronavirus hospitalizations to help present a holistic picture for the country and various hotspots.

Article continues below advertisement

Why does Palantir's business model build controversy?

A lot of people have privacy concerns about Palantir for valid reasons. The company has a lot of data on people in the U.S. and beyond. 

People celebrated Palantir for its role in helping the U.S. military track down Osama Bin Laden. The company also tracks missing children in the U.S. and helps reunite them with their families.

Article continues below advertisement

At the same time, Palantir works with ICE (U.S. Immigration and Customs Enforcement) to track undocumented immigrants. Some people don't support the company's involvement with ICE since the department has been controversial.

Palantir is a data-mining company. Excessive data tracking has been a point of contention. Some people who advocate for privacy rights say that Palantir goes too far in its data involvement, particularly regarding its government contracts.

Article continues below advertisement

One interesting part of the Palantir prospectus is its three-tier voting system, which gives the company's co-founders a large say in all of the voting. A revised document shows that the co-founders get at least a 49.9 percent decision weight indefinitely even if they jump ship and sell off their shares.

Is Palantir stock a good bet for investors? The stock has been on the market for just about three weeks. In that time, the stock has fluctuated and ultimately dipped 2.21 percent. Palantir opened on Oct. 22 at $9.39 per share. If the company maintains its contracts and is successful in its COVID-19 vaccine tracking ventures, it may be worth the early in. Investors should weigh the business impact against the potential financial return.

Advertisement

More From Market Realist

  • Bird's eye view of woman running on Peloton treadmill
    News
    Don't Buy the Peloton Dip—Too Much Still in Question
  • Peloton treadmill
    News
    Update: Peloton’s Tread+ Treadmill Recalled After Child's Death Raised Safety Concerns
  • Biden addressing Congress
    News
    IRS Gets Funding to Hunt for Unreported Income, Might Audit Venmo
  • Trevor Lawrence
    News
    Trevor Lawrence's Gatorade Contract Is Just One of His Endorsements
  • CONNECT with Market Realist
  • Link to Facebook
  • Link to Twitter
  • Link to Instagram
  • Link to Email Subscribe
Market Realist Logo
Do Not Sell My Personal Information

© Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.