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Billionaire Trump backer Thiel leaving Silicon Valley over politics


Tech billionaire Peter Thiel is cutting ties with Silicon Valley because he says it doesn't tolerate his right-leaning politics, it was reported on Thursday.

Thiel is relocating his home and personal investment firms to Los Angeles from San Francisco, the Wall Street Journal reported.

Thiel, a co-founder of PayPal Inc. and an early investor in Facebook, is one of the few big names in Silicon Valley to back Donald Trump during the presidential election in 2016.

He's also planning to move Thiel Capital and Thiel Foundation to new headquarters in the city.

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




Fellow Facebook board member Reed Hastings, CEO of Netflix, in a 2016 email called Thiel's support of Trump "mystifying" and "catastrophically bad judgment" and questioned whether he should remain on Facebook's board, the New York Times reported previous year. The two had disputes over Thiel's support for President Trump, according to the article.

A rare, but prominent conservative within Silicon Valley, Thiel's relationship with the tech industry has soured, particularly at Facebook (FB).

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 also funded a massive libel lawsuit on behalf of former wrestling star Hulk Hogan that shut down the website Gawker, years after Gawker disclosed that Thiel is gay.

"Silicon Valley is a one-party state", Thiel said last month at a debate about tech and politics at Stanford University, according to he Journal. He founded Palantir in 2003, and invested the paltry sum of $500,000 for a 10.2 percent stake in Facebook in 2004. "That's when you get in trouble politically in our society, when".

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