Facebook Stock Action Billionaire Investor Peter Thiel Will Vacate Role As Facebook Director
Thiel has been a director since 2005. He was one of the company’s early investors and is one of Silicon Valley’s top venture-capital investors. Thiel will remain a director until META’s 2022 annual shareholder meeting.Peter Thiel, one of the original investors in Facebook, the parent of the social media giant, will step down as director of Meta Platforms (FB), the company announced after the market closed on Monday. Facebook stock declined slightly in after-hours trading.
In addition to his role in getting Facebook off the ground, Thiel is also the co-founder of PayPal (PYPL) and Palantir Technologies (PLTR), a company that helps governments track down terrorists.
Thiel focused on supporting Trump
As the Wall Street Journal reports, Thiel intends to focus his efforts on helping Republican candidates who support former President Donald Trump’s agenda in the 2022 midterm elections, according to a person familiar with the matter.
Thiel was an active supporter of Donald Trump during the 2016 presidential campaign. Thiel spoke at the Republican National Convention in July 2016.
He offered a stellar assessment of Facebook Chief Executive Mark Zuckerberg with his departure.
“It has been a privilege to work with one of the great entrepreneurs of our time,” Thiel said in written remarks. “Mark Zuckerberg’s intelligence, energy and conscientiousness are tremendous. His talents will serve Meta well as they lead the company into a new era.”
facebook stock action
Today the stock of Facebook was close to 223.90 during the hours trading in the stock market.
Thiel’s departure as Meta director comes at a time when the company is under intense scrutiny in Congress for its business practices. And it comes as Facebook is undergoing the most significant business transformation in the company’s 18-year history.
In addition, it follows the company’s fourth-quarter earnings report last week. The company missed expectations and Facebook’s stock fell 26% on Thursday.
For more information on technical stocks, analysis and the financial markets, please follow Brian Deagon on Twitter at @IBD_BDeagon.
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