PayPal Co-Founder Peter Thiel Resigning From Meta’s Board Of Directors

Billionaire tech entrepreneur Peter Thiel is resigning from the board of Facebook’s parent company Meta later this year, the company announced on Monday. Thiel, a co-founder of online payments system PayPal, was one of the earliest investors in Facebook and joined the company board in April 2005. He became a Facebook investor in 2004 when he provided $500,000 in capital at a $5 million valuation for a 10 percent stake in the company and a seat on its board of directors. Meta said Monday that Thiel will not stand for re-election but will serve as a director until the company’s annual shareholder meeting. Thiel aims to spend time helping elect candidates who he believes will advance former President Donald Trump’s agenda in the U.S. midterms this year, a person familiar with the situation said. “Peter has been a valuable member of our board and I’m deeply grateful for everything he …  » Read full article