Facebook-parent Meta Platforms Inc said on Monday that billionaire investor Peter Thiel, an early investor who has been on the company’s board since 2005, has decided to retire.
Thiel aims to spend time helping the elected candidates he believes will advance former President Donald Trump’s agenda in the US midterm, this year’s congressional election, a person familiar with the situation said. he said.
Thiel, co-founder of the online payment system PayPal and a rare voice of conservative politics in Silicon Valley, became a Facebook investor in 2004, when he provided $500,000 in capital at a valuation of $5 million for a 10% stake in the company and a seat on its board of directors.
The social media giant said Thiel would serve as director until META’s annual shareholder meeting, but would not stand for re-election.
Chief Executive Officer Mark Zuckerberg thanked Thiel for his service, saying, “Peter is a truly original thinker whom you can bring to your toughest problems and get unique suggestions.”
The announcement comes at a time when Meta shares have fallen sharply over concerns that privacy changes to Apple products are making it harder for advertisers to see how their ads work on Facebook. The stock fell 5.1% on Monday, and has lost a third of its value this year, but is still valued at more than $600 billion.
Thiel left kind words for Zuckerberg. “His talent will serve META well as he leads the company into a new era,” Thiel said in the statement announcing his departure from the board.
He did not respond to a request seeking further comment.
Thiel specifically plans to help out Blake Masters, a Republican candidate hoping to oust Democratic U.S. Sen. Mark Kelly of Arizona, said a person familiar with the situation. He was also endorsing J.D. Vance, the author of the best-selling memoir “Hillbilly Elegy” and Republican Senate candidate in Ohio, the person said.
In recent years, Thiel’s position on the board has been in the news for his conservative views, as the company has been mired in political controversy and backlash.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
read all breaking news, today’s fresh news And coronavirus news Here.