Thiel executing exit from Silicon Valley

Entrepreneur Peter Thiel speaks at the Republican National Convention. He donated $1.25 million to the Trump campaign

Entrepreneur Peter Thiel speaks at the Republican National Convention. He donated $1.25 million to the Trump campaign

The only major name in Silicon Valley to back President Donald Trump, some have called for Thiel's removal from Facebook's board.

That action, if it occurs at all, does not appear to be imminent, but Thiel did sell 73% of his remaining stake in Facebook in November, pocketing nearly $30 million.

Thiel's political leanings came under fire from many in Silicon Valley following the U.S. presidential election, due to his open support for President Trump.

Over the past two years, Thiel has left the boards of Zenefits and Asana, as well as parted ways with Y Combinator and sold most of his stakes in Twilio.

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A Facebook spokeswoman said Thursday the company would have no comment about Thiel.

Sources close to Thiel told the Journal he made a decision to stay on the board because he felt he could still help the company. Thiel also co-founded venture firms Founders Fund and Mithril Capital, which will remain in San Francisco, a person familiar with the plans said. 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".

Later the same year, he sold roughly 20 million of his remaining 26 million shares for $400million after the expiry of a lockup. "That's when you get in trouble politically in our society, when you're all in one side".

Silicon Valley companies and tech workers overwhelmingly supported Democrat Hillary Clinton in the 2016 election. He donated $1.25 million to Mr Trump's campaign in 2015 before serving as an adviser on the new president's transition team.

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