Is Peter Thiel quitting Facebook's board and moving to LA?

Is Peter Thiel quitting Facebook's board and moving to LA?

Is Peter Thiel quitting Facebook's board and moving to LA?

Investor Peter Thiel is moving his residence and business operations from San Francisco to Los Angeles, the Wall Street Journal reported Thursday.

Thiel, a hedge fund manager, reportedly has been critical of Silicon Valley-based leadership, who he says has constructed a bubble of prosperity and doesn't seek to understand how the average American family was affected by the disruption of traditional industries, free trade and over-regulation. Thiel has also apparently raised the possibility that he will step down from Facebook's board of directors.

After Thiel announced his support for Trump, Reed Hastings, the CEO of Netflix who is also a member of Facebook's board, wrote an email to Thiel saying that he demonstrated 'catastrophically bad judgment'.

Zuckerberg, however, rejected the offer, according to the Journal.

Thiel has left the boards of Zenefits and Asana, sold the majority of his stake in Twilio, and parted ways with startup incubator Y Combinator in the last two years.

Thiel co-founded payment service PayPal and is known for funding the Hulk Hogan lawsuit that led to the shutdown of online news site Gawker.

The move comes amid his frustration with what he sees as intolerance of conservatism in tech industry, WSJ.com reports.

Peter Thiel talked about resigning from Facebook's Board of Directors as political tensions between the venture capitalist and Silicon Valley continue to boil.

Later the same year, he sold roughly 20 million of his remaining 26 million shares for $400million after the expiry of a lockup.

Allegations of political bias threw Facebook into the center of a fierce national debate during the 2016 election. "That's when you get in trouble politically in our society, when you're all in one side".