Peter Thiel steps down from Meta board after 2 decades

Venture capitalist and PayPal Co-founder Peter Thiel is stepping down from Meta's (formerly Facebook) board of directors after two decades.

According to reports, Thiel is retiring in order to focus on November's US midterm elections. He, however, did not disclose his next move.

"Thiel has served on our board for almost two decades, and we've always known that at some point he would devote his time to other interests. I'm grateful he's served on our board for as long as he has, and I wish him the best in his journey ahead," said Mark Zuckerberg, Meta Founder and CEO.

Thiel, a partner at Founders Fund, has decided not to stand for re-election to the Board of Directors of the company at its 2022 Annual Meeting of Stockholders.

Thiel has been a member of the company's board of directors since 2005 and will continue to serve as a director until the date of the annual meeting, Meta said in a statement late on Monday.

"It has been a privilege to work with one of the great entrepreneurs of our time. Mark Zuckerberg's intelligence, energy, and conscientiousness are tremendous. His talents will serve Meta well as he leads the company into a new era," said Thiel.

The New York Times earlier reported that Thiel is retiring to focus on building his political career.

After publicly supporting former President Donald Trump's campaign in 2016, Thiel has more quietly donated to Republican candidates.