Meta, the parent company of Facebook, released a statement announcing Thiel’s intent to step down.
Background: Thiel has become increasingly controversial since he joined Facebook’s board in 2005 as an initial investor. He has been the voice of unfettered speech across digital platforms. In 2019 and 2020, when Facebook struggled to deal with political advertising, it was Thiel who urged Zuckerberg to stand against public pressure.
The Details: Over the last year, he has become one of the Republican Party’s biggest donors. According to a person with knowledge of his thinking, Thiel wants to focus his efforts on influencing the midterm elections. He is backing candidates that support former President Donald Trump’s agenda.
What They’re Saying: Thiel’s statement said, “It has been a privilege to work with one of the great entrepreneurs of our time. Mark Zuckerberg’s intelligence, energy and conscientiousness are tremendous. His talents will serve Meta well as he leads the company into a new era.”
Zuckerberg’s statement said, “Peter has been a valuable member of our board and I’m deeply grateful for everything he’s done for our company. Peter is truly an original thinker who you can bring your hardest problems and get unique suggestions.”