Calls for SNB to Divest from Controversial Tech Firm Palantir Intensify
The Swiss National Bank faces calls to divest its $1.1 billion stake in Palantir Technologies due to the firm's controversial role in U.S. immigration enforcement. The SNB, criticized for this investment, may conflict with its own ethical guidelines. Palantir's involvement in immigration and surveillance continues to spark debates.
Campaigners in Minneapolis are urging the Swiss National Bank (SNB) to divest its $1.1 billion investment in Palantir Technologies, citing the firm's controversial involvement in U.S. immigration enforcement operations.
According to a recent filing with the U.S. Securities and Exchange Commission, the SNB held 6.24 million shares in Palantir by the end of 2025, as part of its massive foreign currency portfolio worth 725 billion Swiss francs ($922 billion). Palantir, known for its data analytics expertise, secured a contract with U.S. Immigration and Customs Enforcement (ICE) last year to develop surveillance systems.
This partnership has drawn ire following incidents involving fatal shootings by immigration officials. Minneapolis representatives recently urged the SNB to cut ties with Palantir, as the company faces accusations of undermining democracy globally. Despite previous defenses from Palantir's CEO Alex Karp about the firm's safeguards, scrutiny continues.
(With inputs from agencies.)
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