Peter Thiel considered leaving Facebook's board

Cornelia Mascio
Febbraio 15, 2018

The only major name in Silicon Valley to back President Donald Trump, some have called for Thiel's removal from Facebook's board.

Thiel, an outspoken conservative, plans to move both his home and investment firms to Los Angeles, in part because he has grown frustrated with the political culture in left-leaning San Francisco and has a growing pessimism about tech businesses, the Wall Street Journal quotes friends of the investor as saying.

Thiel, a hedge fund manager, reportedly has been critical of Silicon Valley-based leadership, who he says has constructed a bubble of prosperity and doesn't seek to understand how the average American family was affected by the disruption of traditional industries, free trade and over-regulation.

That includes possibly resigning from the board of Facebook (NASDAQ:FB), according to the report.

The 50-year-old Thiel, who also served on Trump's transition team, plans to move into a 7,000 square-foot home that he bought six years ago, which overlooks the Sunset Strip, and will move the headquarters of Thiel Capital and Thiel Foundation to Los Angeles, a personal familiar with the matter told the Journal.

Chief Executive and co-founder Mark Zuckerberg has said he should stay, citing the importance of diversity of opinion at the company.

Thiel co-founded payment service PayPal and is known for funding the Hulk Hogan lawsuit that led to the shutdown of online news site Gawker.

'Silicon Valley is a one-party state, ' Thiel said last month. He was the first outside investor in Facebook and made early-stage investments in Yelp, LinkedIn, and Quora.

When Zuckerberg took the company public in 2012, Thiel sold 16.8 million shares at the IPO for about $640 million. He has publicly criticized the California tech hub for being intolerant of conservatives, insular and overpriced.

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