Tech Luminary Peter Thiel Parts Ways With Silicon Valley

Tech Luminary Peter Thiel Parts Ways With Silicon Valley

Thiel may also leave Facebook's board, the Wall Street Journal says, citing "people familiar with his thinking".

Facebook CEO Mark Zuckerberg declined both resignations and defended Thiel, saying his "ideological diversity" was essential to the board.

Thiel, who cofounded PayPal in 1999 with Elon Musk, has invested in some of Silicon Valley's biggest companies.

The Journal reports that Thiel Foundation and Thiel Capital will move to L.A., where Thiel also is said to be planning to start a new media venture.

As a result, his politics have reportedly driven him away from the liberal bastion of the Bay Area, with sources telling the Journal they believe that Thiel now finds the region to be "intolerant" and having "greater risk of regulation."The entrepreneur was born in Germany (he retains German citizenship) but spent most of his childhood in South Africa and Namibia before his parents settled in Foster City, California, south of San Francisco".

In 2004, Thiel was the first outside investor to pump money into what was then a fledgling social network.


But Thiel's support of Trump was the last straw for many Facebook board members, especially Netflix CEO Reed Hastings.

Even though Thiel is still involved with Facebook, he sold 73 percent of his remaining stake in November.

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.

When Zuckerberg took the company public in 2012, Thiel sold 16.8 million shares at the IPO for about $640 million. During the 2016 election cycle, employees at Google, Facebook and Twitter donated over $2 million to Hillary Clinton's presidential campaign but less than $35,000 to Trump's. "Silicon Valley is a one-party state", Mr. Thiel said last month at a debate on technology and politics at Stanford University. "That's when you get in trouble politically in our society, when you're all in one side".

Peter Thiel, Silicon Valley's most high-profile conservative, may be admitting defeat in Silicon Valley's culture wars and retreating to Los Angeles.

Last month, a former Google engineer who was sacked after circulating a memo about biological differences between men and women sued the company saying he was discriminated against as a white man with conservative political views.

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