In its 5th filing with the SEC, Palantir finally admits it is not a democracy

Palantir is not a democracy, and it really, really, really wants you to know that.

Palantir’s governance has been under an exacting lens from regulators the past few weeks as it prepares for a public direct listing on September 29th. In revision after revision of its S-1 filing to the SEC — now totaling eight including its draft registration statements — the company has had to continuously explain and re-explain what exactly it is trying to do to prevent retail investors from controlling the company.

Little surprise then that its fifth amended S-1 filing, published this morning, shows even more disclosures about the pitifully small governance control that retail investors will have upon the company’s public market debut.

In a newly added line, the company admits that…

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