Peter Thiel, who has been an early investor in Facebook has decided to leave the board. Thiel has been on the social network’s board since 2005.
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Meta Platforms Inc said that Thiel wouldn’t be contesting in for the re-election at the company’s 2022 annual shareholders meeting. He will continue to serve as director until the date of that meeting.
“Peter has been a valuable member of our board and I'm deeply grateful for everything he has done for our company,” Meta founder and CEO Mark Zuckerberg, said in a statement.
Thiel, a billionaire entrepreneur and investor, made one of the early investments in Facebook and joined Meta’s board in April 2005. He provided $500,000 in capital at a valuation of $5 million for a 10% stake in the social network and a seat on its board of directors.
Thiel has provided early-stage funding to LinkedIn, Yelp, and several other startups. He also co-founded PayPal, and Palantir Technologies that sells software to the U.S. military. He is currently a partner at Founders Fund.
According to a report by The New York Times , Thiel “wants to focus on influencing November’s midterm election”, and “is backing candidates who support the agenda of former President Donald J. Trump”.
Facebook and other social media platforms permanently banned the former President following the January 6 attack on the U.S. Capitol . His new media venture plans to launch its social network, named ‘Truth Social’ , this month.
Thiel’s announcement comes a few days after Meta’s shares plunged by as much as 25% , erasing more than $200 billion from its market cap, following a lower-than-anticipated forecast .
Facebook, which rebranded itself as Meta , is focusing on bringing the metaverse, an immersive digital realm, to life. It intends to move beyond 2D screens toward immersive experiences like augmented and virtual reality, and is making investments in this area .
