Peter Thiel, the Silicon Valley billionaire known for his libertarian politics, is leaving the Bay Area after four decades and stepping back from tech due in part to his dissatisfaction with the industry's liberal politics.
Citing what they called Silicon Valley's "sclerotic" culture and "conformity of thought," a source close to Thiel told CNNMoney that the investor would soon move to Los Angeles, where he will "focus on a number of new projects including creating a new media endeavor."
"L.A. is a better place to do that," the source said. "L.A. is also less out of touch and it's a better place to connect with the rest of the country."
Thiel will also move his investment firm Thiel Capital and his Thiel Foundation to Los Angeles, the source said. Founders Fund, where he is a general partner, will remain in San Francisco. Thiel is also considering resigning from the board of Facebook, according to the source.
Thiel, a co-founder of PayPal, has long been outspoken about his politics. But he became a lightning rod in the community and nationally after backing Donald Trump's presidential bid and then joining Trump's transition team.
https://money.cnn.com/2018/02/15/technology/peter-thiel-leaving-silicon-valley/index.html
Citing what they called Silicon Valley's "sclerotic" culture and "conformity of thought," a source close to Thiel told CNNMoney that the investor would soon move to Los Angeles, where he will "focus on a number of new projects including creating a new media endeavor."
"L.A. is a better place to do that," the source said. "L.A. is also less out of touch and it's a better place to connect with the rest of the country."
Thiel will also move his investment firm Thiel Capital and his Thiel Foundation to Los Angeles, the source said. Founders Fund, where he is a general partner, will remain in San Francisco. Thiel is also considering resigning from the board of Facebook, according to the source.
Thiel, a co-founder of PayPal, has long been outspoken about his politics. But he became a lightning rod in the community and nationally after backing Donald Trump's presidential bid and then joining Trump's transition team.
https://money.cnn.com/2018/02/15/technology/peter-thiel-leaving-silicon-valley/index.html
