Economy

Thiel executing exit from Silicon Valley

Thiel executing exit from Silicon Valley

Thiel also discussed the idea of resigning from Facebook's board, the Journal reported.

Thiel was the only prominent tech executive to support President Donald Trump's election campaign, and he's remained a close adviser during Trump's time in the Oval Office.

He'd not only be moving house into a Los Angeles property he bought six years ago; he'd also move Thiel Capital and Thiel Foundation south as well.

After Thiel announced his support for Trump, Reed Hastings, the CEO of Netflix who is also a member of Facebook's board, wrote an email to Thiel saying that he demonstrated 'catastrophically bad judgment'.

Zuckerberg, however, rejected the offer, according to the Journal.

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. He had sold most of the rest of his stake in the company last November.

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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.

The early Facebook investor and PayPal Holdings Inc.co-founder has used his personal wealth to back a range of projects, including the construction of offshore cities (seastedding) and persuading college students to drop out of school and unleash their inner entrepreneur.

Last month, Thiel appeared at a debate about tech and politics at Stanford University.

Peter Thiel, Silicon Valley's most high-profile conservative, may be admitting defeat in Silicon Valley's culture wars and retreating to Los Angeles. "That's when you get in trouble politically in our society, when you're all in one side".

In a survey by the advocacy group Lincoln Network, a majority of Silicon Valley workers said their company had liberal cultural norms. 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.


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