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This billionaire has lost faith in the Silicon Valley

Billionaire Peter Andreas Thiel feels it’s finally time to sign off from what had been his home and heart for decades — The Silicon Valley. The Bay Area has been a silent witness to Thiel’s phenomenal growth from a trader to PayPal founder; and then to one of the most successful venture capitalist. He was also one of the earliest investors to pour money into the new trend called Facebook.

However, he feels now that it is time to shift his base to Los Angeles, from where he will continue to operate his firms Thiel Capital, Thiel Foundation. His Founders Fund will continue operations from San Francisco. It is also widely reported that the Valley veteran is even considering resigning from the Facebook board.

Peter Thiel speaks at a conference
Image courtesy: Dan Taylor, Flickr

Waging a cold war

Thiel has apparently embraced the idea to shift with a heavy heart. Right from his days at Stanford, Thiel had been known as a staunch libertarian. This did not die down as he openly supported Donald Trump during the 2016 Presidential campaign, despite many from his echelon coming up against him.

Thiel was chastised by his “friends at Silicon Valley” for donating $1.25 million towards the campaign. Netflix CEO and Thiel’s fellow board member at Facebook, Reed Hastings, had stated this as “catastrophically bad judgment for supporting Trump.”

Right from his days at Stanford, Thiel had been known as a staunch libertarian. This did not die down as he openly supported Donald Trump during the 2016 Presidential campaign, despite many from his echelon coming up against him.

According to Wall Street Journal, Thiel is pretty unhappy with the newfound left-leaning attitude of the Valley, which has instigated his decision to shift base.  He said in a recent debate, “Silicon Valley is a one-party state. That’s when you get in trouble politically in our society, when you’re all in one side.”

As a silver-lining to all the ideological mess, Thiel can at least content that he is finally moving to his 7,000-square-foot home overlooking the Sunset Strip in L.A, which he bought for around $11.5 million six years ago. From here, he is likely to launch a media outlet that reflects his conservative ideologies.

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