Peter Thiel, Palantir Co-Founders Slam ‘Emperor for Life’ Claims

Billionaire Peter Thiel and his Palantir Technologies Inc. co-founders fired back in Delaware on Friday at claims that their “class F” stock—a “flexible” security with voting power adjusted to give them a 49.99% say in any decision—illegally made them the company’s “emperor for life.”

Board chairman Thiel, CEO Alexander Karp, president Stephen Cohen, and the company filed a summary judgment motion in Delaware’s Chancery Court, defending rather than denying the supervoting shares. They didn’t previously seek to have the case dismissed without discovery, as most defendants do.

Although the proposed shareholder class action attacks the class F stock for giving ...