Thiel, an early Facebook investor, will not stand for re-election to the board at the company’s 2022 annual stockholders’ meeting. He’s served on the board since 2005 and will continue to do so until the annual meeting, the company said.
Thiel invested $500,000 in thefacebook.com in 2004, becoming the first significant outside investor in the fast-growing social networking site that was spreading around college campuses. A year later Zuckerberg dropped the from the name and made it Facebook.
Prior to the Facebook investment, Thiel made his initial fortune as co-founder of PayPal. He then moved into investing, first through a hedge fund and then as a venture capitalist.
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-CNBC’s Ari Levy contributed to this report.