Palantir employees and early investors couldn’t sell their shares initially because Morgan Stanley’s trading software glitched

Palantir employees and early investors couldn’t sell their shares initially because Morgan Stanley’s trading software glitched

Palantir insiders were temporarily unable to sell shares Wednesday due to an issue with Morgan Stanley's trading software, CNBC first reported and Morgan Stanley confirmed to Business Insider.

The data-mining company went public Wednesday morning via a direct listing at $10 per share, but took a page from the traditional IPO process by having a "lock-up" period for existing investors.

Palantir still allowed those investors to sell up to 20% of their shares during the lock-up, but according to CNBC, some initially couldn't take advantage of it because of a software glitch.

A Morgan Stanley spokesperson told Business Insider the company "experienced slowness that may have resulted in delayed logins into our system" but that its call centers were able to execute trades "at all times."

Palantir's stock jumped as much as 14%