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Silicon Valley Investor Peter Thiel Moving To LA To Flee Liberal Politics?

Silicon Valley Investor Peter Thiel Moving To LA To Flee Liberal Politics?

Billionaire investor Peter Thiel is reportedly moving his residence, as well as his venture capital firm and non-profit, to Los Angeles after expressing frustration with what he sees as Silicon Valley's overwhelming liberal politics and diminishing opportunities for tech investing. But in public, Facebook co-founder and CEO Mark Zuckerberg defended Thiel and said it was important to have "ideological diversity" on the Menlo Park company's board.

Thiel was not immediately available for comment.

Thiel has also discussed resigning from Facebook Inc.'s board, according to the Wall Street Journal, which earlier reported his plans to relocate.

Thiel's political leanings came under fire from many in Silicon Valley following the USA presidential election, due to his open support for President Trump.

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

Fellow Facebook board member Reed Hastings, CEO of Netflix, in a 2016 email called Thiel's support of Trump "mystifying" and "catastrophically bad judgment" and questioned whether he should remain on Facebook's board, the New York Times reported previous year.

He had already sold more than $1billion worth of Facebook stock before the filing made on November 21. He became a Facebook investor in 2004 with an initial investment of $500,000 at a $5 million valuation.

The filing said he had sold another 160,805 shares for about $29 million, leaving his holdings at 59,913 Class A shares in the company. He has publicly criticized the California tech hub for being intolerant of conservatives, insular and overpriced.

Allegations of political bias threw Facebook into the center of a fierce national debate during the 2016 election.

'Silicon Valley is a one-party state, ' Thiel said last month. "The other side doesn't care for you, and your side doesn't care for you because they don't need to".

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