Peter Thiel celebrated Pride month in the fashion he is accustomed to: making money.
Thiel, the gay entrepreneur responsible for the creation of tech platforms PayPal and Facebook, landed a major deal this month.
Palantir Technologies, a data firm founded by Thiel, signed an $18.4 million deal with the Federal Aviation Administration. In a June 15 announcement, the FAA said the partnership will “integrate data from a number of FAA safety-reporting systems to help the agency quickly identify and address potential safety issues.” Included in the scope of the one-year deal is the monitoring of the 737 Max fleet’s return to service.
Since its launch in 2003, Palantir has contracted with intelligence agencies on a wide array of software projects. In response to the COVID-19 pandemic, Palantir put its database to work for vaccine allocation. The company went public on the New York Stock Exchange in September 2020 and last month announced a 49% revenue growth to $341 million.
Meanwhile, a ProPublica investigation revealed Thiel dramatically increased his personal wealth through a simple Roth IRA. Over a 20-year span, Thiel turned a retirement account with less than $2,000 into a $5 billion tax-exempt piggy bank.
In 2018, the average Roth account was worth $39,108.
The 53-year-old Thiel only has to wait six more years to cash out his gigantic account — tax-free.
“Yes, our tax system is rigged with loopholes and tax shelters for billionaires like Peter Thiel,” tweeted U.S. Senator Elizabeth Warren of Massachusetts. “And stories like this will keep popping up until we pass a simple #WealthTax on assets over $50 million to make these guys pay their fair share.”