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Thiel, Palantir Co-Founders Settle ‘Emperor for Life’ Stock Suit

May 17, 2022, 5:31 PM

Billionaire venture capitalist Peter Thiel and Palantir Technologies Inc.'s other founders have resolved litigation over claims they made themselves the company’s “emperor for life” with preferred shares that vary in value to represent 49.99% of any investor vote, according to court filings in Delaware.

The agreement requires proposed bylaw and charter changes dictating that most related-party transactions worth at least $50 million with Thiel, Alexander Karp, or Stephen Cohen must be approved by an independent board committee or two-thirds of stockholders.

The charter and bylaw amendments would also mandate that most change-in-control deals, such as a sale or merger, with ...