Minneapolis campaigners press Swiss National Bank to dump Palantir investment

By John Revill

BERN, April 24 (Reuters) - The Swiss National Bank should sell its $1.1 billion stake in Palantir Technologies (PLTR), campaigners from Minneapolis said at a meeting of the central bank on Friday, citing the firm's involvement in U.S. immigration enforcement operations.

The SNB held 6.24 million Palantir (PLTR) shares at the end of 2025 as part of its 725 billion Swiss franc ($922 billion) foreign currency investments, according to the latest filing with the U.S. Securities and Exchange Commission.

Palantir (PLTR), a data analytics firm co-founded by tech billionaire Peter Thiel, won a contract last year with U.S. Immigration and Customs Enforcement to develop surveillance systems.

Its work has come under scrutiny following the fatal shootings of two U.S. citizens in separate incidents involving immigration officials in Minneapolis in January.

A delegation from Minneapolis travelled to the SNB shareholders' meeting in Bern on Friday to present the city council's request that the central bank sever ties to Palantir (PLTR) over its links to ICE and surveillance activities.

"Palantir (PLTR) is a threat to our democracy, not just in the United States, but around the world," said Janette Corcelius, a member of the delegation who was invited to the SNB meeting by campaign group BreakFree Suisse.

Palantir (PLTR) did not respond to a request for comment.

Its CEO, Alex Karp, earlier this year defended the firm's surveillance technology, saying it has safeguards to prevent government overreach.

In a letter to shareholders, he said Palantir's (PLTR) technology ensures the "state and its agents can see only what ought to be seen."

The SNB, which carries out regular reviews of its holdings, declined to comment on individual assets.

It has built up a large portfolio of foreign stocks while investing its currency reserves, buying shares to reflect their weighting in global markets rather than picking individual companies.

Under its guidelines, the central bank says it does not invest in companies that grossly violate commonly held Swiss values, seriously breach fundamental human rights or systematically cause severe environmental damage.

Other large investors, including Nordic financial services group Storebrand Asset Management, have sold their Palantir (PLTR) stakes over the company's work.

"Palantir (PLTR) clearly breaches the SNB's guidelines," said Guillaume Durin of BreakFree Suisse. "The SNB investment gives a halo of respectability to companies like Palantir (PLTR)."

($1 = 0.7867 Swiss francs)

(Reporting by John Revill. Editing by Mark Potter)