Peter Thiel, the German-born investor and advisor to former US President Donald Trump, does not want to run for the board of directors of Facebook parent company Meta again and will resign from this post later this year. As the group announced, he will leave the board of directors after the shareholders' meeting in May.
In a statement, Meta CEO Mark Zuckerberg praised Thiel as a "truly original thinker." Thiel shared: "It was a privilege to work with one of the greatest entrepreneurs of our time."
With Thiel, Facebook's first investor leaves
Thiel's departure comes at a difficult time for Meta. The world's largest online network Facebook had hardly gained any new users for the first time in the past quarter.
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The company's share price then plummeted - within hours of the publication of the quarterly figures, around $ 200 billion in market value was destroyed. Meta is also struggling with privacy scandals and the allegedly damaging effects of its business model on society around the world.
Thiel was once the first investor to back Facebook with hundreds of millions of dollars. The billionaire joined Facebook's board of directors in 2005, a year after the online platform was founded and seven years before it debuted on Wall Street. After his early entry, Thiel sold most of his Facebook shares for a large profit.
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His wealth is mainly based on the founding of the online payment service provider PayPal in 1998. Since then, Thiel has invested in the rental platform Airbnb and the space company SpaceX from Tesla founder Elon Musk. He is also the largest shareholder of the data analysis company Palantir, whose customers include the US secret services.
Support for candidates on Trump course
Among the board of directors at Meta, Thiel was seen as an increasingly polarizing figure with his conservative political attitude. In 2016, he endorsed future Republican US President Donald Trump. He donated $1.25 million to his campaign and became the first openly gay speaker to speak at a Republican convention.
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Meta did not say what the entrepreneur plans to do after his time on the board of directors. According to reports in the newspapers New York Times and Wall Street Journal as well as the news agency Bloomberg, which refer to sources close to him.
Thiel now wants to concentrate solely on his political work and, in view of the so-called midterm elections in the fall, above all on the US Republican candidates support that can advance Trump's political agenda.
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