The investor is reportedly moving to Los Angeles where he plans to start over and focus on a media endeavor. A person familiar with the matter told CNN that Thiel would rather live in LA because it is “less out of touch” than Silicon Valley.
Thiel will also move the offices of his company Thiel Capital and foundation to the new destination. The Founders Fund where he is a major stakeholder will not leave San Francisco. The investor is also mulling over the possibility of stepping down from Facebook’s board in the meantime.
Thiel who like Elon Musk is one of PayPal’s founders doesn’t mince words when it comes to politics. In 2016, he endorsed Donald Trump and even held a position on Trump’s transition team.
Thiel Fed Up with Bay Area’s Liberal Intolerance
The first media outlet to report his new plans was The Wall Street Journal, which claims that Facebook CEO Mark Zuckerberg had asked the billionaire investor to leave his company’s board more than half a year ago.
Zuckerberg’s move came after another Facebook board member blasted Thiel over his “catastrophic” political choices. After the two incidents, Thiel realized the full scale of the “liberal intolerance” in Silicon Valley.
The source told WSJ that the “network effects” that draw talented people to Silicon Valley are behind the current conformity of thought which stalls innovation. Thiel is convinced that the most exciting tech developments can come outside the San Francisco area. Thiel has reportedly criticized the Bay Area for becoming “too monocultural,” “sclerotic, and less vital”.
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