Finance
Minneapolis Campaigners Press Swiss National Bank to Dump Palantir Investment
Published by Global Banking & Finance Review®
Posted on April 24, 2026
3 min readLast updated: April 24, 2026
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Campaigners from Minneapolis urged the Swiss National Bank, during its April 24, 2026 meeting in Bern, to divest its $1.1 billion stake in Palantir over concerns about its involvement in U.S. immigration enforcement and surveillance.
Minneapolis Campaigners Push Swiss National Bank to Sell Palantir Shares
Campaigners Urge SNB to Divest from Palantir Technologies
By John Revill
Background on SNB's Palantir Investment
BERN, April 24 (Reuters) - The Swiss National Bank should sell its $1.1 billion stake in Palantir Technologies, 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 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's Role in U.S. Immigration Enforcement
Palantir, 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.
Minneapolis Delegation's Appeal to SNB
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 over its links to ICE and surveillance activities.
Statements from Campaigners
"Palantir 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's Response and Defense
Palantir 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 technology ensures the "state and its agents can see only what ought to be seen."
SNB's Investment Guidelines and Reactions
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 Investors' Actions
Other large investors, including Nordic financial services group Storebrand Asset Management, have sold their Palantir stakes over the company's work.
"Palantir clearly breaches the SNB's guidelines," said Guillaume Durin of BreakFree Suisse. "The SNB investment gives a halo of respectability to companies like Palantir."
($1 = 0.7867 Swiss francs)
(Reporting by John Revill. Editing by Mark Potter)
Key Takeaways
- •Minneapolis delegation highlighted Palantir’s role in ICE surveillance and recent local shootings as grounds for divestment.
- •The SNB holds 6.24 million shares (~CHF 725 billion portfolio); its guidelines bar investments violating Swiss values or human rights.
- •Other investors—most notably Norway’s Storebrand—have already divested from Palantir on ethical grounds.
Frequently Asked Questions about Minneapolis campaigners press Swiss National Bank to dump Palantir investment
1Why are campaigners urging the Swiss National Bank to sell its Palantir stake?
Campaigners cite Palantir's involvement in U.S. immigration enforcement and concerns over surveillance technology breaching human rights.
2How much is the Swiss National Bank's investment in Palantir worth?
The SNB holds $1.1 billion in Palantir shares, amounting to 6.24 million shares.
3What guidelines does the Swiss National Bank follow for investments?
The SNB avoids investing in companies violating Swiss values, fundamental human rights, or causing severe environmental harm.
4Has Palantir responded to the criticism regarding its surveillance activities?
Palantir did not comment but its CEO previously defended the technology, citing built-in safeguards.
5Are other major investors divesting from Palantir?
Yes, institutions like Storebrand Asset Management have already sold their Palantir holdings over similar concerns.
