Billionaire Peter Thiel Moving to Los Angeles

16 February, 2018, 07:34 | Author: Lynette Payne
  • Peter Thiel Donald Trump

The investor's politics have put him at odds with prominent players in Silicon Valley, including fellow Facebook board member Reed Hastings, chief executive of Netflix, who called Thiel's support of Trump "catastrophically bad judgment".

Thiel, 50, was a co-founder of PayPal and an early investor in Facebook - where he still sits on the board - and he has helped finance several other tech startups.

The local City News Service reported Thursday that Thiel, whose net worth is 2.5 billion U.S dollars by Forbes estimates, planned to permanently move himself to a 7,000-square foot (650 square meters) home overlooking the Sunset Strip in Hollywood, a house he purchased six years ago.

But one of his firms, the venture capital firm Founders Fund, will remain in San Francisco, the report said.

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

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Thiel has also gained notoriety for quietly financing pro-wrestler Hulk Hogan's invasion of privacy lawsuit against Gawker Media. He founded Palantir in 2003, and invested the paltry sum of $500,000 for a 10.2 percent stake in Facebook in 2004.

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Since Trump's election in November 2016, the tech industry has become increasingly intolerant of conservative views, Thiel told the audience.

He has since spent the bulk of his professional life in the Bay Area.The longstanding libertarian recently said at a debate at Stanford University that Silicon Valley is a "one-party state". He donated $1.25 million to Mr Trump's campaign in 2015 before serving as an adviser on the new president's transition team. "That's when you get in trouble politically in our society, when". He has been harsher in private, criticizing Silicon Valley as "mono-cultural" and "toxic" with a high cost of living and tendency for group think, according to people familiar with his thinking.

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