Fed Up With Silicon Valley, Peter Thiel Is Leaving for Los Angeles

Peter Thiel is reportedly exiting Silicon Valley, and may resign from Facebook's board

Thiel reportedly is planning to move his home and investment firms Thiel Capital and Thiel Foundation to Los Angeles, where he also will create a new media outlet focused on conservative topics.

A Wall Street Journal report noted that Thiel had strained relationships with Netflix CEO Reed Hastings, who also serves on the board.

In addition, those sources say Thiel has considered resigning from the board of directors at Facebook amid quarrels with founder Mark Zuckerberg and political differences with another board member over Thiel's support of Donald Trump in the 2016 presidential election.

If he's looking for a political climate friendlier to his own views, Thiel must surely be aware that Hillary Clinton defeated Trump in Los Angeles County 72 percent to 22 percent, according to the Los Angeles Times.

A Facebook spokeswoman said Thursday the company would have no comment about Thiel.

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.

When Zuckerberg took the company public in 2012, Thiel sold 16.8 million shares at the IPO for about $640 million.

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

Later the same year, he sold roughly 20 million of his remaining 26 million shares for $400million after the expiry of a lockup.

Thiel rose to political prominence in 2016 when he donated $1.25 million to the Trump campaign and spoke at the Republican National Convention.

"Silicon Valley is a one-party state", Thiel said during a debate over politics and technology at Stanford University, his alma mater. "That's when you get in trouble politically in our society, when you're all in one side".



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