Peter Thiel is reportedly exiting Silicon Valley

CNBC

Peter Thiel, American entrepreneur, venture capitalist, and hedge fund manager.

Investor Peter Thiel is moving his residence and business operations from San Francisco to Los Angeles, the Wall Street Journal reported Thursday. The decision underscores a growing divide between the outspoken tech industry conservative and Silicon Valley.

Thiel has also considered resigning from his position as a Facebook board member, sources told the WSJ. His motivation reportedly stems from both a perception of the valley’s intolerance for right-leaning politics as well as concerns around the financial impacts of regulatory scrutiny on the tech industry.

The billionaire investor is expected to stay on the board in the near term, while investment firms Thiel Capital and Thiel Foundation will relocate to Los Angeles later this year, according to the report.

Thiel was not immediately available for comment.

Allegations of political bias threw Facebook into the center of a fierce national debate during the 2016 election. A recent Wired profile of Facebook detailed how the platform’s Trending Topics team became a lightning rod of criticism over the perception that it suppressed conservative views.

Thiel, a libertarian who supported and later advised President Donald Trump, received criticism from other Silicon Valley moguls, including Netflix CEO Reed Hastings. Hastings also serves on the Facebook board.

Read the full Wall Street Journal report.