Billionaire investor Peter Thiel reportedly is fed with up with all the political antics in Silicon Valley.
Peter Thiel, Silicon Valley's most high-profile conservative, may be admitting defeat in Silicon Valley's culture wars and retreating to Los Angeles. During a debate at Stanford University last month he described Silicon Valley as "a one-party state" and said, "That's when you get in trouble politically in our society, when you're all in one side". "The other side doesn't care for you, and your side doesn't care for you because they don't need to".
Thiel's main business ventures that oversee his investments, Thiel Capital and Thiel Foundation, will also be headquartered out of LA after moving away from the Bay Area.
Silicon Valley companies and tech workers overwhelmingly supported Democrat Hillary Clinton in the 2016 election. Thiel donated over $1 million to Trump's campaign and spoke at the 2016 Republican convention.
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James Damore, the writer of the controversial "Google memo", alleged in a lawsuit against his former employer that it discriminated against white male conservatives. Thiel cofounded PayPal, which was sold to eBay for $1.5 billion in 2002. He was the first outside investor in Facebook and made early-stage investments in Yelp, LinkedIn, and Quora.
And Thiel initially defended Facebook against accusations of conservative bias.
Thiel is also considering resigning from the board of Facebook.
In a leaked email obtained by the New York Times last August, Hastings wrote to Thiel, "I'm so mystified by your endorsement of Trump for our President, that for me it moves from "different judgment" to 'bad judgment.'" Hastings criticized Thiel's support, calling it "catastrophically bad judgment" and "not what anyone wants in a fellow board member" in the email. He had sold most of the rest of his stake in the company last November. Chief Executive and co-founder Mark Zuckerberg has said he should stay, citing the importance of diversity of opinion at the company, Reuters has reported.