Peter Thiel, one of the longest-serving board members of Meta, the parent of Facebook, plans to step down, the company said on Monday.
Mr. Thiel, 54, wants to focus on influencing November’s midterm elections, said a person with knowledge of Mr. Thiel’s thinking who declined to be identified. Mr. Thiel sees the midterms as crucial to changing the direction of the country, this person said, and he is backing candidates who support the agenda of former president Donald J. Trump.
Over the last year, Mr. Thiel, who has a net worth estimated at $ 2.6 billion by Forbes, has become one of the Republican’s Party’s largest donors. He gave $ 10 million each last year to the campaigns of two protégs, Blake Masters, who is running for a Senate seat in Arizona, and JD Vance, who is running for Senate in Ohio.
Mr. Thiel has been on Meta’s board since 2005, when Facebook was a tiny start-up and he was one of its first institutional investors. But scrutiny of Mr. Thiel’s position on the board has steadily increased as the company has become embroiled in political controversies, including barring Mr. Trump from the platform, and as the venture capitalist has become more politically active.
Mr. Thiel’s departure means Meta loses its board’s most prominent conservative voice. The board has undergone significant changes in recent years, as many of its members have left and been replaced, often with Silicon Valley entrepreneurs. Drew Houston, chief executive of Dropbox, joined Facebook’s board in 2020 and Tony Xu, the founder of DoorDash, joined it last month.
“Peter has been a valuable member of our board and I’m deeply grateful for everything he’s done for our company,” Mark Zuckerberg, chief executive of Meta, said in a statement. “Peter is truly an original thinker who you can bring your hardest problems and get unique suggestions.”
In a statement on Monday, Mr. Thiel 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. ”
Mr. Thiel first met Mr. Zuckerberg 18 years ago when he provided the entrepreneur with $ 500,000 in capital for Facebook, valuing the company at $ 4.9 million. That gave Mr. Thiel, who with his venture firm Founders Fund controlled a 10 percent stake in the social network, a seat on its board of directors.
Since then, Mr. Thiel has become a confidante of Mr. Zuckerberg. He counseled the company through its early years of rapid user growth, and through its difficulties shifting its business to mobile phones around the time of its 2012 initial public offering.
He has also been seen as the contrarian who has Mr. Zuckerberg’s ear, championing unfettered speech across digital platforms. His conservative views also gave Facebook’s board ideological diversity.
In 2019 and 2020, as Facebook grappled with how to deal with political speech and claims made in political advertising, Mr. Thiel urged Mr. To Zuckerberg withstand the public pressure to take down those ads, even as other executives and board members thought the company should change its position. Mr. Zuckerberg sided with Mr. Thiel.
Mr. Thiel’s political influence and ties to key Republicans and conservatives have also offered a crucial gateway into Washington for Mr. Zuckerberg, especially during the Trump administration. In October 2019, Mr. Zuckerberg and Mr. Thiel had a private dinner with President Trump.
Facebook and Mr. Zuckerberg have long taken heat for Mr. Thiel’s presence on the board. In 2016, Mr. Thiel was one of the few tech titans in largely liberal Silicon Valley to publicly support Mr. Trump’s presidential campaign.
In 2020, when Mr. Trump’s incendiary Facebook posts were put under the microscope, critics cited Mr. Thiel’s board seat as a reason for Mr. Zuckerberg’s continued insistence that Mr. Trump’s posts are left standing.
Facebook’s ban of Mr. Trump’s account last year after the Jan. 6 storming of the US Capitol has become a key rallying point for conservatives who say that mainstream social platforms have censored them.
Mr. Vance, who used to work at one of Mr. Thiel’s venture funds, and Mr. Masters, the chief operating officer of Mr. Thiel’s family office, have railed against Facebook. In October, the two Senate candidates argued in an opinion piece in The New York Post that Mr. Zuckerberg’s $ 400 million in donations to local election offices in 2020 amounted to “election meddling” that should be investigated.
Recently, Mr. Thiel has also publicly voiced his disagreement with content moderation decisions at Facebook and other major social media platforms. In October at a Miami event organized by a conservative technology association, he said he would “take QAnon and Pizzagate conspiracy theories any day over a Ministry of Truth.”
Mr. Thiel has also increased his political giving to Republican candidates over the past year. Ahead of the midterms, he is backing three Senate candidates and 12 House candidates. Among those House candidates are three people running primary challenges to Republicans who voted in favor of impeaching Mr. Trump for the events of Jan. 6.
“Friend of animals everywhere. Coffee maven. Professional food trailblazer. Twitter buff.”