Peter Thiel, American businessman, venture capitalist and hedge fund manager.
Adam Jeffery | CNBC
Billionaire technology investor and PayPal Co-founder Peter Thiel will step down as Facebook owner Metacompany announced Monday.
Thiel, an early investor in Facebook, will not run for re-election to the board at the company’s 2022 annual shareholder meeting. He has served on the board since 2005 and will continue to do so until the annual meeting, the company said.
Thiel invested $500,000 in thefacebook.com in 2004, became the first significant outside investor in the rapidly growing social networking site that was spreading across university campuses. A year later, Zuckerberg dropped the name and turned it into Facebook.
Before investing in Facebook, Thiel made his initial fortune as a co-founder of PayPal. He then turned to investing, first through a hedge fund and then as a venture capitalist.
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Ari Levy of -CNBC contributed to this report.
