Billionaire Trump supporter Peter Thiel leaving Silicon Valley

Peter Thiel Donald Trump

Peter Thiel talked about resigning from Facebook's Board of Directors as political tensions between the venture capitalist and Silicon Valley continue to boil.

Billionaire venture capitalist and Trump supporter Peter Thiel is reducing his involvement in the tech industry and relocating his home and business firms from Silicon Valley to Los Angeles, according to a new report.

Thiel reportedly is planning to move his home and investment firms Thiel Capital and Thiel Foundation to Los Angeles, where he also will create a new media outlet focused on conservative topics.

Sources close to Thiel told the Journal he chose to stay on the board because he felt he could still help the company. Chief Executive and co-founder Mark Zuckerberg has said he should stay, citing the importance of diversity of opinion at the company, Reuters has reported.

Fellow Facebook board member Reed Hastings, CEO of Netflix, in a 2016 email called Thiel's support of Trump "mystifying" and "catastrophically bad judgment" and questioned whether he should remain on Facebook's board, the New York Times reported past year.

Thiel has left the boards of Zenefits and Asana, sold the majority of his stake in Twilio, and parted ways with startup incubator Y Combinator in the last two years.

Thiel co-founded payment service PayPal and is known for funding the Hulk Hogan lawsuit that led to the shutdown of online news site Gawker.

When Zuckerberg took the company public in 2012, Thiel sold 16.8 million shares at the IPO for about $640 million.

Later the same year, he sold roughly 20 million of his remaining 26 million shares for $400million after the expiry of a lockup. He has since spent the bulk of his professional life in the Bay Area.The longstanding libertarian recently said at a debate at Stanford University that Silicon Valley is a "one-party state". "The other side doesn't care for you, and your side doesn't care for you because they don't need to".

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