Peter Thiel to step down from Meta Platforms board

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Thiel, one of the social network’s earliest investors, will serve as a director until Meta’s annual shareholder meeting but will not to stand for re-election, the social media giant said.

Thiel became a Facebook (NASDAQ:FB) investor in 2004, when he provided $500,000 in capital at a $5 million valuation for a 10% stake in the company and a seat on its board of directors.

“Peter has been a valuable member of our board and I’m deeply grateful for everything he has done for our company,” Chief Executive Officer Mark Zuckerberg said.

“Peter is truly an original thinker who you can bring your hardest problems and get unique suggestions.”

The Wall Street Journal reported that Thiel intends to focus his efforts on helping Republican candidates supporting the agenda of former President Donald Trump in the 2022 midterm elections.

In recent years, Thiel’s position on the board has been in the spotlight, given his conservative views, as the company has been caught up in political controversies and backlash.

Thiel had donated millions of dollars to Trump’s campaign.