Facebook-parent Meta Platforms Inc said on Monday that billionaire investor Peter Thiel, an early investor who has been on the company's board since 2005, has decided to retire.
Peter Thiel, co-founder of PayPal, speaks at the Republican National Convention in Cleveland, Ohio, U.S., July 21 2016. REUTERS/Carlo Allegrisaid on Monday that billionaire investor Peter Thiel, an early investor who has been on the company's board since 2005, has decided to retire.
Thiel, a co-founder of online payments system PayPal and a rare voice of conservative politics in Silicon Valley, became a Facebook investor in 2004, when he provided $500,000 in capital at a $5 million valuation for a 10% stake in the company and a seat on its board of directors.Thiel will serve as a director until Meta's annual shareholder meeting but will not to stand for re-election, the social media giant said.
The announcement comes as Meta's shares have fallen sharply over concerns that privacy changes to Apple products was making it harder for advertisers to see how their ads work on Facebook. The stock fell 5.1% on Monday, and has lost a third of its value this year, but is still worth more than $600 billion.
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