Is Peter Thiel quitting Facebook's board and moving to LA?

Feb 16, 2018, 04:54
Is Peter Thiel quitting Facebook's board and moving to LA?

The billionaire entrepreneur - a member of the PayPal Mafia, Facebook's first outside investor and venture capitalist with his fingerprints all over Silicon Valley - has always been known for his libertarian views, but what thrust him into the center of the valley's political and cultural wars was his support of President Trump.

Thiel this year plans to permanently relocate his residence to his home in Hollywood, and he plans to move his Thiel Capital and Thiel Foundation organizations to a new headquarters in Los Angeles, according to a person familiar with his plans who was not authorized to publicly discuss them.

Thiel's disillusionment with Silicon Valley appeared to be largely political after he was one of the more high-profile supporters of then-candidate Donald Trump during the 2016 presidential election.

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Peter Thiel talked about resigning from Facebook's Board of Directors as political tensions between the venture capitalist and Silicon Valley continue to boil. The two had disputes over Thiel's support for President Trump, according to the article.

This past November, Thiel sold three-quarters of his remaining stake in Facebook as part of a previously established trading plan.

Thiel has gotten more disaffected with politics in a left-leaning Bay Area and more pessimistic about regulatory outcomes for tech businesses, sources told WSJ.

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He became a Facebook investor in 2004 with an initial investment of $500,000 at a $5million valuation.

The filing said he had sold another 160,805 shares for about $29 million, leaving his holdings at 59,913 Class A shares in the company.

"Silicon Valley is a one-party state", Thiel said last month at a debate about tech and politics at Stanford University, according to he Journal. "That's when you get in trouble politically in our society, when".

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A rare, but prominent conservative within Silicon Valley, Thiel's relationship with the tech industry has soured, particularly at Facebook (FB).

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