Peter Theil steps down from Meta’s Board of Directors

Venture capitalist and PayPal co-founder Peter Thiel is stepping down from Meta's board after two decades. According to reports, Thiel will retire to focus on the US midterm elections in November. However, he did not reveal his next move.

The CEO and founder of Meta, Mark Zuckerberg has said that Peter Thiel has served on board for almost two decades, and the company was aware that he would devote his time to other interests at some point. He further said that he wishes the best in his journey ahead.

Peter Thiel himself has said that it has been a privilege to work with one of the great entrepreneurs of his time. Thiel, a Founders Fund partner, decided not to run for re-election to the company's board of directors at the  2022  Annual Meeting of Stockholders.

Thiel has served on the company's board of directors since 2005 and will continue to serve as a director until the day of the annual meeting, Meta said in a statement. It is also assumed that Peter Thiel is retiring to focus on his political career.