One of Facebook’s first investors and its longest-serving outside board member, Peter Thiel, is about to leave the social-media behemoth, parent firm Meta Platforms Inc. According to the report on CNBC, Thiel intends to spend time this year supporting elect politicians who he feels will support former President Donald Trump’s agenda in the United States midterm elections or Congressional elections.
Thiel, a co-founder of PayPal and a rare conservative political voice in Silicon Valley, became a Facebook investor in 2004, providing $500,000 in cash at a $5 million valuation in exchange for a 10% share in the firm and a seat on its board of directors.
Thiel served as chairman of Palantir Technologies Inc. (PLTR) and Founders Fund, Thiel Capital, and Mithril Capital. Thiel is a rare conservative political voice in Silicon Valley. He became a Facebook investor in 2004, providing $500,000 in cash at a $5 million valuation in exchange for a 10% share in the firm and a seat on its board of directors.
The news comes as Meta’s stock has dropped because of fears that Apple’s privacy rules make it more difficult for marketers to understand how their advertising performs on Facebook. The stock plunged 5.1 percent on Monday, losing a third of its value this year, although it is still valued at more than $600 billion.
Thiel stated in a statement announcing his retirement from the board, “His abilities will serve Meta well as he leads the firm into a new age.”
In an email message, Timothy Hubbard, assistant professor of management at the University of Notre Dame’s Mendoza College of Economics, observed, “It’s impossible to separate the politics from the business realities when examining Peter Thiel’s resignation from Meta’s board.” “Peter Thiel’s experience at Meta might help him strive to get social media messages out over conservative prohibitions on more established internet sites.”