Is Peter Thiel quitting Facebook's board and moving to LA?

Peter Thiel

Venture capitalist Peter Thiel considered leaving Facebook's board of directors. Stephen Shankland CNET

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.

Thiel's political leanings came under fire from many in Silicon Valley following the USA presidential election, due to his open support for President Trump.

The billionaire investor is scaling back his role in the tech industry because he feels alienated by the liberal-leaning political climate in the San Francisco area and fears the effects of increased regulation, according to The Wall Street Journal.

That includes possibly resigning from the board of Facebook (NASDAQ:FB), according to the report.

A Facebook spokeswoman said Thursday the company would have no comment about Thiel.

In 2016, fellow Facebook director Reed Hastings called Thiel's support of President Donald Trump "catastrophically bad judgment" and said this reflected badly on his ability to be a leader at Facebook.

That action, if it occurs at all, does not appear to be imminent, but Thiel did sell 73% of his remaining stake in Facebook in November, pocketing nearly $30 million.

Thiel co-founded payment service PayPal and is known for funding the Hulk Hogan lawsuit that led to the shutdown of online news site Gawker.

When Zuckerberg took the company public in 2012, Thiel sold 16.8 million shares at the IPO for about $640 million.

Thiel rose to political prominence in 2016 when he donated $1.25 million to the Trump campaign and spoke at the Republican National Convention.

Despite saying he wouldn't voluntarily leave Facebook's board in 2017, people close to Thiel told the Journal that his thoughts have changed in recent months as he's grown frustrated with Silicon Valley's culture. He was the first outside investor in Facebook and made early-stage investments in Yelp, LinkedIn, and Quora. "That's when you get in trouble politically in our society, when you're all in one side".

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