Multiple reports have confirmed that one of the original Facebook investors, Peter Thiel, is to step down as a director for the social media giant. The announcement came after the Monday market closed. Point to be noted that the stock of Facebook experienced a slight drop after-hours trading.
Thiel has been working with the social giant as a director since 2005. He was one of the earliest investors for the company. Thiel is also one of the top venture-capital investors of Silicon Valley. However, he will remain as a director until the 2022 annual shareholder meeting of Meta. Thiel is also a co-founder of PLTR (Palantir Technologies) and PYPL (PayPal). Palantir Technologies is a company that provided a significant amount of help for governments to track down terrorist funding.
Support of Peter Thiel for Donald Trump
A report published in the Wall Street Journal citing a source that Thiel is looking to keep his efforts on supporting the agenda of Republican candidate former President Donald Trump in the midterm elections 2022. He is reportedly planning to help a Republican candidate Blake Masters to unseat Democratic Sen. Mark Kelly.
Thiel was one of the active supporters of Donald Trump during the presidential campaign 2016. He also spoke in July 2016 at the Republican National Convention. The recent announcement of departure left an important evaluation of Facebook CEO Mark Zuckerberg.
Thiel said it has been a reward to work with one of the remarkable directors and executives of our time. The intelligence, energy, and carefulness of Mark Zuckerberg are extraordinary. Meta will become a leading company in a new era with the efficiency and powerful approach.
Facebook Stock Condition & New Expectations
The stock of Facebook has shown a significant decline around 223.90, after just hours of today’s trading on the stock market. The departure announcement of the Meta director came when the company is experiencing critical scrutiny in the US Congress. However, Facebook is still enduring the most considerable business transformation in the 18-year history of the company.
Moreover, the announcement follows last week’s 4th quarter earnings report of the company. Facebook forgot expectations and the stock of the company dropped 26% on Thursday. It is noteworthy that FB. O is Facebook-parent Meta Platforms Inc. On Monday, the billionaire investor Peter Thiel was on the company’s board of directors and recently decided to leave the company.
Thiel is a co-founder of PayPal (an online payment company) and a familiar voice of conservative politics in Silicon Valley. In 2004, he joined Facebook as an investor and provided $500 thousand in the capital. He invested the amount at a $5 million valuation for a 10% stake in the company and managed to become a director. But he will still serve as a director of Meta until the annual shareholder meeting.
The CEO of Meta, Mark Zuckerberg, admired his efforts. He said Peter is really an original thinker with the capability to bring your critical issues and to provide a unique solution. Moreover, the latest sharp decline in the company’s shares raised concerns. The privacy changes in Apple products are making it tougher for advertisers to find how their ads are working on Facebook. On Monday, the stock of Facebook plunged 5.1% and lost a 3rd of its value during the recent year, but still maintains over $600 billion.