Eoin Hayes to sit as independent after suspension from Social Democrats
Stephen In Eoin Repeatedly Tuesday Morning Entered Told Picture: He He The That His Media (centre) Before Had Off Palantir Photos Hayes Shares Sold On Collins/collins Politics
Eoin Hayes has confirmed that he will sit as an independent following his suspension from the Social Democrats on Tuesday.
Mr Hayes was suspended from the parliamentary party with immediate effect after he admitted lying about when he sold shares in a controversial US company that has been providing the Israel Defence Forces (IDF) with artificial intelligence tools.
At a press conference on Tuesday morning, Mr Hayes repeatedly told the media that he had sold his shares in software company Palantir before he entered politics.
Later this afternoon, the newly elected TD for Dublin Bay South said that shares he held in Palantir were not sold until July 2024, one month after he was elected as a local councillor.
Mr Hayes clarified that held 7,000 shares in Palantir and sold them for a pre-tax figure of €199,000.
Acting leader for the Social Democrats Cian O'Callaghan suspended Mr Hayes from the parliamentary party with immediate effect.
"This is a serious matter. It is imperative that the media, who hold politicians to account on behalf of the public, can rely on the information they receive from elected representatives," Mr O'Callaghan said.
In his second statement this evening, Mr Hayes said that he accepted the for the party to take the action of suspending him.
He said he hopes to earn back the trust of the Social Democrats and will work hard to do so, offering an apology to his colleagues for putting them "in such a difficult position".
Shares in Palantir were worth $16.61 (€15.73) on October 6, 2023 and had risen to $23.31 (€22.07) when Ireland went to the polls for the local elections on June 7, 2024.
It is not known what date in July the shares were sold.
However, in his ethics declaration which was returned on July 26, Mr Hayes stated: "I completely divested from all holdings in the company within the last 12 months and no longer hold any interest — financial or otherwise — in the company".
By July 9, the share price had risen to $27.70 (€26.23) and reached its peak for the month on July 23 at $28.81 (€27.28).
Mr Hayes released the statement providing details on the sale of the shares through the Social Democrats press office saying it was in the "interests of full transparency".
It came hours after the party held its first press conference where Mr Hayes was asked on 30 occasions when exactly he had divested his shares in the company but refused to answer.
Mr Hayes told the media three times that he had divested fully of the shares before he was elected.
He said he had been "completely transparent" and there was "no secrecy" surrounding the divestment.
"Earlier today, during a press conference, I stated I had sold the shares before I entered politics. This was not true. It was a month after I was first elected," Mr Hayes said in the statement this afternoon.
“I unreservedly apologise for providing incorrect information and I am now correcting the record.”
Mr Hayes worked as a special projects manager in Palantir in the US from 2015 to 2017 and was granted shares as part of his compensation package as reported in the Irish Daily Mail last week.
According to Mr Hayes, conditions attaching to the shares meant he was unable to sell them until 2021, six months after Palantir went public on the stock exchange.
“Throughout the course of the past year, Palantir’s support for the Israeli military has markedly increased," Mr Hayes said.
"In January, the company signed a new strategic partnership with the Israeli Defence Ministry. I should have sold my shares then and I deeply regret that I did not."
There are reports from 2014, the year before Mr Hayes took up employment with Palantir, that employees had raised concerns about the company having contracts with the Israeli government given its policies towards Palestinians.
Palantir opened an office in Tel Aviv the same year Mr Hayes began his role with the company with co-founders Alex Karp and Peter Thiel having regular meetings with Israeli military leaders.
Both Mr Karp and Mr Thiel have been fulsome in their support of Israel since the 2023 bombardment of Gaza began.
In an interview with US news channel CNBC, Mr Karp said its support of Israel has led to them losing employees adding, "I'm sure we'll lose employees".
The company held its first board meeting of the year in Tel Aviv after which Palantir Executive Vice President Josh Harris said the co-founders and Israeli defence officials "mutually agreed to harness Palantir's advanced technology in support of war-related missions".
Mr Harris told Bloomberg: "This strategic partnership aims to significantly aid the Israeli Ministry of Defense in addressing the current situation in Israel."
Solidarity-People Before Profit leader Richard Boyd Barrett called the revelations absolutely shocking and horrendous.
"That is direct profiteering from genocide. That flies in the face of what [Social Democrats] stood for in front of electors," Mr Boyd Barrett said.
Solidarity TD Ruth Coppinger said voters will be "gutted and disgusted" to learn of Mr Hayes' actions as many voted for Social Democrats thinking they "represented certain values".
"We just had a holocaust in Gaza this very week. We have had displaced people, families, children burned alive in tents," Ms Coppinger said.
Also reacting to the admission by Mr Hayes, People Before Profit TD Paul Murphy said it is incumbent on the suspended Social Democrats TD to make a statement in the Dáil when it sits next week.