Saturday, 22 September, 2018

Thiel executing exit from Silicon Valley

Peter Thiel is reportedly exiting Silicon Valley, and may resign from Facebook's board Billionaire Trump supporter Peter Thiel leaving Silicon Valley
Allan Lindsey | 16 February, 2018, 07:35

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. According to the Journal, Thiel's political stance also led to a strained relationship with fellow Facebook board member Reed Hastings, the CEO of Netflix.

Thiel also apparently purchased an $11.5 million home in nearby Los Angeles the following year, above the famed Sunset Strip.

But one of his firms, the venture capital firm Founders Fund, will remain in San Francisco, the report said.

The 50-year-old investor became a controversial figure in Silicon Valley in recent years due to his support of then-candidate Donald Trump during the 2016 campaign.

He had already sold more than $1billion worth of Facebook stock before the filing made on November 21.

Thiel has also gained notoriety for quietly financing pro-wrestler Hulk Hogan's invasion of privacy lawsuit against Gawker Media.

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The move comes amid his frustration with what he sees as intolerance of conservatism in tech industry, WSJ.com reports.

Thiel's political leanings came under fire from many in Silicon Valley following the USA presidential election, due to his open support for President Trump.

He made a $1.25 million donation to help elect Trump and spoke on Trump's behalf during the Republican National Convention in 2016. He has been harsher in private, criticizing Silicon Valley as "mono-cultural" and "toxic" with a high cost of living and tendency for group think, according to people familiar with his thinking. "That's when you get in trouble politically in our society, when".

Last month, a former Google engineer who was sacked after circulating a memo about biological differences between men and women sued the company saying he was discriminated against as a white man with conservative political views.

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