Why Peter Thiel Is Leaving Silicon Valley for LA

Galtero Lara
Febrero 15, 2018

Thiel, who cofounded PayPal in 1999 with Elon Musk, has invested in some of Silicon Valley's biggest companies.

Investor Peter Thiel is moving his residence and business operations from San Francisco to Los Angeles, the Wall Street Journal reported Thursday.

Fellow Facebook board member Reed Hastings, CEO of Netflix, in a 2016 email called Thiel's support of Trump "mystifying" and "catastrophically bad judgment" and questioned whether he should remain on Facebook's board, the New York Times reported past year.

Thiel also apparently purchased an $11.5 million home in nearby Los Angeles the following year, above the famed Sunset Strip.

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Thiel, a hedge fund manager, reportedly has been critical of Silicon Valley-based leadership, who he says has constructed a bubble of prosperity and doesn't seek to understand how the average American family was affected by the disruption of traditional industries, free trade and over-regulation. Hastings also serves on the Facebook board. But in public, Facebook co-founder and CEO Mark Zuckerberg defended Thiel and said it was important to have "ideological diversity" on the Menlo Park company's board.

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.

Peter Thiel talked about resigning from Facebook's Board of Directors as political tensions between the venture capitalist and Silicon Valley continue to boil. He has publicly criticized the California tech hub for being intolerant of conservatives, insular and overpriced. 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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