Facebook-parent Meta Platforms Inc said on Monday that billionaire investor Peter Thiel, an early investor who has been on the company’s board since 2005, has decided to retire.
Peter Thiel aims to spend time helping elect candidates who he believes will advance former President Donald Trump’s agenda in the U.S. midterms, the Congressional elections this year, a person familiar with the situation said.
Thiel, a co-founder of online payments system PayPal and a rare voice of conservative politics in Silicon Valley, became a Facebook investor in 2004 when he provided $500,000 in the capital at a $5 million valuation for a 10% stake in the company and a seat on its board of directors.
Thiel will serve as a director until Meta’s annual shareholder meeting but will not stand for re-election, the social media giant said.
“Peter is truly an original thinker who you can bring your hardest problems and get unique suggestions,” Chief Executive Officer Mark Zuckerberg said, thanking Thiel for his service.
Thiel left with kind words for Zuckerberg. “His talents will serve Meta well as he leads the company into a new era,” Thiel said in the statement announcing his departure from the board.