Reports suggest that Thiel is retiring in order to focus on November’s US midterm elections. Thiel didn’t elaborate on his reasons for leaving in an official statement, nor did Meta CEO Mark Zuckerberg.
Thiel was an early investor in Facebook alongside many other tech companies, and he joined the company’s board of directors in 2005. But in recent years, he’s become better known for his conservative political advocacy. After publicly supporting former President Donald Trump’s campaign in 2016, Thiel has more quietly donated to Republican candidates that include Kris Kobach, Hillbilly Elegy author J.D. Vance, and his former business associate Blake Masters. Zuckerberg has previously resisted calls to cut ties with Thiel and has defended his presence on the board — something that became particularly controversial after Thiel threw his weight behind Trump.
Thiel’s departure comes shortly after Meta announced disappointing quarterly financial results, including the first-ever loss of Facebook daily active users, and suffered a 25 percent market value drop.
