Billionaire tech investor Peter Thiel is moving himself and his Bay Area investment firms to Los Angeles.
Thiel plans to permanently move to a 7,000-square foot home overlooking the Sunset Strip, a house he purchased six years ago, according to The Wall Street Journal, which cited individuals familiar with his plans Thursday.
He also will move Thiel Capital and Thiel Foundation to new Los Angeles headquarters.
Thiel is also considering resigning from the Facebook board, where Thiel has been a director since 2005.
The PayPal co-founder was one of the few big names in Silicon Valley to back Donald Trump during the presidential election. He delivered a keynote speech at the Republican National Convention.
Since Trump took office, Thiel has become increasingly disappointed with the liberal politics in San Francisco and Silicon Valley, the Journal reported. He is also frustrated with the tech business as it continues to face further regulation.
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.
“Silicon Valley is a one-party state,” Thiel said last month at a debate about tech and politics at Stanford University, according to he Journal. “That’s when you get in trouble politically in our society, when you’re all in one side.”
—City News Service