Peter Thiel to step down from the board of Facebook parent Meta

Peter Thiel to step down from the board of Facebook parent Meta

February 9, 2022: -Billionaire tech investor and PayPal Co-founder Peter Thiel will step down from the board of Facebook owner Meta, the company announced Monday.

Thiel, an early Facebook investor and close confidante of CEO Mark Zuckerberg, will not stand for re-election to the board at the company’s 2022 annual stockholders’ meeting. The company said he will continue to serve on the board until the annual meeting.

Thiel has been on the Facebook board since 2005. The company has since touched $1 trillion in market cap and generated more than $117 billion in revenue in 2021. On Wednesday, Facebook issued a first-quarter forecast that badly missed estimates, sending the stock down 26% the following day, its worst drop on record.

While Thiel is lauded for investing in Zuckerberg when the entrepreneur was just a college kid with a popular website, his tenure with the company has been fraught with controversy. Thiel dumped a considerable portion of his shares in the company’s 2012 IPO and more shortly after that. He hasn’t shied away from investing in other start-ups that compete with Facebook or use its data in unsanctioned ways.

But his political views have caused the most extraordinary turmoil. Thiel was an active booster for Donald Trump during the 2016 presidential campaign, even as the Republican candidate expressed extreme views on immigration and faced numerous accusations of sexual misconduct. Thiel spoke at the Republican National Convention in July 2016. After Trump was elected, he acted as the liaison to Silicon Valley, bringing together top tech execs for a meeting at Trump Tower.

“I want to start by thanking Peter because he saw something very early, maybe before we saw it,” Trump said at the meeting in December 2016. “And of course, he’s known for that… he’s ahead of the curve.”

Thiel invested $500,000 in thefacebook.com in 2004, becoming the first significant outside investor in the fast-growing social networking site spreading around college campuses. A year later, Zuckerberg renamed the company Facebook.

Before the Facebook investment, Thiel made his initial fortune as co-founder of PayPal. He then invested, first through a hedge fund and then as a venture capitalist.

Thiel is chairman and co-founder of Palantir Technologies, an investment that’s earned him a fortune. The company, which went public in 2020, sells software that has helped the U.S. government track terrorists.

About Us

We provide the insights on leaders who are responsible for taking their organization to new heights, all the while bringing together a group of talented individuals.

Recent Posts

CalFoods Logistics | Making A Difference for those in Need | Steve Linkhart

Steve Linkhart, CEO of CalFoods Logistics, believes that he possesses one quality that sets the tone for CalFoods Logistics. “When we hire a new team member, there are clear responsibilities that need to be accomplished. Once we hire, train, and let that person take the ownership of the job, we allow them to do their job,” he explains. “We are always there to assist of course, but I feel that people get a sense of ownership of their role when they are allowed to do so. Everyone has a role from being CEO to pulling or entering orders, everyone has their unique responsibilities, and the foundation is always customer service, without that, everything after is on shaky ground.” Steve feels that there isn’t a role here too big or too small for anyone to jump in and help. He has unloaded his fair share of trucks and pulled orders over the past 18 months and will be glad to do it again if needed. “Taking care of our team is of the utmost importance to me. We offer a living wage, amazing benefits, and time off for the team to have a good work/life balance.”

Innovana Solutions | Leading with Determination & Commitment | Mitch McDermid

When Mitch McDermid launched Innovana, he had an evident vision of what he wanted the company to look like and what it could offer that was different from existing IT services and consulting firms. There was a clear need for a cloud-based services and business automation solutions provider that would address the needs of SMBs both from a pricing and service standpoint in Canada. Mitch and his team have been laser-focused on serving that niche.

Arete Wealth | Offering Excellence & Virtue | Joshua D. Rogers

A forward thinker, Joshua D. Rogers is always focused on the future. His vision was to introduce a smart, sophisticated approach to investing and wealth building. Since founding Arete Wealth in 2007, he’s done just that. Joshua’s brought an endowment-style of asset allocation to a broader audience of investors. From hedge funds to bespoke investments, his dream was to bring a new perspective to investing. Arete Wealth is the embodiment of that vision: a dynamic, energetic, comprehensive wealth management firm focused on the future.

OnView Integrated Solutions | The Guardian Angel | Joel Anaya

Joel Anaya, CEO of OnView Integrated Solutions, has been instrumental in building the company from the ground up. His innovation and vision transformed the way the company has scaled its business. OnView is a security provider bringing proactive solutions specifically designed to deter suspicious behavior in real-time before the crime occurs.

Western Development Museum | Creating Health, Happiness & Community Cohesion | Joan Kanigan

Joan Kanigan, CEO of the Western Development Museum (WDM), took an extraordinarily unique yet bold step as a leader in 2021. She initiated a 360o Performance Assessment to better understand how she was performing and where she needed to improve—all through an honest and critical feedback system to know where she was standing as a leader and a manager. “My intent with this performance review was to ensure I am serving the WDM and those I am responsible for to the best of my abilities,” she says. “The things that my staff felt I was doing most effectively include listening to them at all levels, using staff input to make decisions; making people comfortable to bring issues, opinions, and questions forward; valuing others’ thoughts and opinions; and identifying needs and opportunities for organizational improvement.”

Jacobs & Cushman San Diego Food Bank | San Diego County’s Leading Hunger-Relief Organization | James A. Floros

One of the things that set James A. Floros, President & CEO, Jacobs & Cushman San Diego Food Bank aside from other nonprofit CEOs is that he has always run a nonprofit like a business. “The efficiency and effectiveness that is required in the for-profit sector is even more important in the nonprofit sector because you are doing more with less, with less staff and less resources,” he explains. “Three to four weeks into the pandemic, I realized how well our organization was doing and I realized it was because of the work we had done in building an organization based on excellence.” They have an outstanding relationship with their donors, with media, elected officials, have top-notch financials, with 94 cents of every dollar going directly to our programs and services, and an amazing culture among the staff and volunteers.

Peter Thiel to step down from the board of Facebook parent Meta