March 22, 2018

Peter Thiel, retreating from Silicon Valley's tech scene, is moving to LA

16 February 2018, 04:51 | Lorenzo Hawkins

Peter Thiel in Washington DC on Oct. 31 2016. Saul Loeb—AFP Getty Images

Peter Thiel in Washington DC on Oct. 31 2016

Billionaire Peter Thiel, one of the most powerful men in Silicon Valley and its most prominent conservative, plans to move his home and personal investment firm to Los Angeles because he's disaffected with what he sees as the left-leaning politics of the San Francisco Bay Area, a person familiar with his plans said Thursday.

He's also planning to move Thiel Capital and Thiel Foundation to new headquarters in the city. Chief Executive and co-founder Mark Zuckerberg has said he should stay, citing the importance of diversity of opinion at the company, Reuters has reported.

Mr Thiel, 50, recently considered giving up his director's seat at Facebook because of boardroom tension over his support for Mr Trump but chose to stay on, it was reported.

He's also a controversial figure in Silicon Valley because of his support of President Donald Trump and other conservative causes. The two had disputes over Thiel's support for President Trump, according to the article.

Since Trump took office, Thiel has become increasingly disappointed with the liberal politics in San Francisco and Silicon Valley, the Journal reported.

Thiel, who is a member of Facebook's board had already sold more than $1 billion worth of its stock before the filing made in late November.

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.

"Silicon Valley is a one-party state", Mr. Thiel said last month during a debate at Stanford University. Facebook declined to comment on The Journal's report, and a representative for Peter Thiel wasn't immediately available for comment. "That's when you get in trouble politically in our society, when you're all in one side".

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