Peter Thiel Could Log Off Facebook And Silicon Valley

Peter Thiel

Is Peter Thiel resigning from the Facebook board? Sources say he is considering it, as he moves his residence and investment firms to Los Angeles later this year.

According to CNBC, Thiel is relocating Thiel Capital and Thiel Foundation from San Francisco to L.A., and plans to make his home overlooking the Sunset Strip his permanent residence.

His decision to move away from Silicon Valley comes as he has grown unhappy with what he believes is intolerant, left-leaning politics in the area. He has also become cynical about the future for tech businesses due to increased risk of regulation.

“Silicon Valley is a one-party state,” Thiel said last month at a debate about tech and politics at Stanford University. “That’s when you get in trouble politically in our society, when you’re all in one side.”

The Wall Street Journal reported that the investor’s issue with Facebook stems from a dispute with a fellow director over Thiel’s support for Donald Trump. Thiel is a Libertarian who supported and even advised President Trump. His political views have been criticized by others in Silicon Valley, including Netflix CEO Reed Hastings, who also serves on the Facebook board.

In addition, there was a confrontation over boardroom leaks with Mark Zuckerberg last summer.

For now, Thiel believes he can still help the social media giant, so he’s decided to stay on the board for the time being. He actually made the first outside investment in Facebook in 2004, paying $500,000 for a 10 percent stake. So far, Thiel has made more than $1 billion from the investment.

Thiel’s representatives did not respond to CNBC’s request for comment.


New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.