Monday, 24 September, 2018

Billionaire Trump backer Thiel leaving Silicon Valley over politics

Peter Thiel Donald Trump President Trump and Peter Thiel in December
| 16 February, 2018, 07:34

In a debate with Hastings at Stanford University last month, Thiel elaborated on his views.

Thiel - who also delivered a keynote speech at the Republican National Convention - has grown frustrated with the liberal politics of the region, along with increased regulation of the tech business, the Journal reported.

Venture capitalist Peter Thiel is moving to Los Angeles and considering leaving Facebook's board of directors, according to The Wall Street Journal.

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. But in public, Facebook co-founder and CEO Mark Zuckerberg defended Thiel and said it was important to have "ideological diversity" on the Menlo Park company's board.

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


A prominent conservative who founded PayPal along with Tesla's Elon Musk - and was an early investor in Facebook - Thiel has reportedly grown exhausted of the Bay Area's liberal politics, according to a report on Thursday.

The only major name in Silicon Valley to back President Donald Trump, some have called for Thiel's removal from Facebook's board. "That's when you get in trouble politically in our society, when you're all in one side". He made a 1.25-million USA dollars donation to help Trump and delivered a keynote speech at the Republican National Convention. He became a Facebook investor in 2004 with an initial investment of $500,000 at a $5 million valuation.

"Silicon Valley is a one-party state", he said.

In Los Angeles, Thiel will reportedly attempt to create a new conservative media outlet.

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