Tag: blemished

07
Oct
2020
Posted in technology

Emails: Palantir blames Morgan Stanley for ‘blemished’ direct listing

  • In two emails sent internally this weekend, Palantir Technologies blamed Morgan Stanley for a “failure” that left some employee and alumni shareholders unable to sell their shares when the company made its public debut last Wednesday.
  • The problem stemmed from a glitch with Morgan Stanley’s trading platform Shareworks.
  • In an unsigned email sent late in the evening Sunday, Palantir said it had heard from Morgan Stanley that the bank was in a “war room” all weekend working to determine which shareholders were owed compensation. 
  • A spokesperson for Shareworks at Morgan Stanley said the issue was a “slowness” that “may have resulted in delayed logins into our system.”
  • Visit Business Insider’s homepage for more stories.

Palantir placed blame squarely on Morgan Stanley following a glitch in the bank’s trading software Shareworks on Wednesday, according two unsigned emails sent to “Palantirians” on Saturday and Sunday, which were obtained by Business Insider.

That glitch temporarily prevented some employee and alumni shareholders from selling shares during the tech company’s direct listing.

Morgan Stanley “intends to ‘make people whole’ who were affected by the Shareworks failure,” Palantir wrote in the email from Saturday.

“We have and will continue to put the weight of the company behind protecting our hobbits and helping make sure Morgan Stanley is good to its word,” that email said, referring to employees with a reference to “Lord of the Rings.”

“The issues that we encountered with Shareworks are very frustrating. And while it was a successful listing (we pulled off the near impossible in getting the company listed and out in less than 6 months) it was blemished by Shareworks’ failure,” that email added.

A spokesperson for Palantir declined to comment on the emails. 

A spokesperson for Shareworks by Morgan Stanley told Business Insider that it had “experienced slowness that may