Goodbye, Silicon Valley: Peter Thiel Is Moving to Los Angeles

Billionaire Peter Thiel, one of the most powerful men in Silicon Valley and its most prominent conservative, plans to move his home and personal investment firm to Los Angeles because he's disaffected with what he sees as the left-leaning politics of the San Francisco Bay Area, a person familiar with his plans said Thursday.

Thiel, 50, was a co-founder of PayPal Inc. and an early investor in Facebook Inc. -- where he still sits on the board -- and he has helped finance several other tech startups.

He's also a controversial figure in Silicon Valley because of his support of President Trump and other conservative causes.

He made a $1.25-million donation to help elect Trump and spoke on Trump's behalf during the Republican National Convention in 2016. His support of the president drew heavy criticism from his tech-industry peers, in particular within Facebook's ranks.

Thiel this year plans to permanently relocate his residence to his home in Hollywood, and he plans to move his Thiel Capital and Thiel Foundation organizations to a new headquarters in Los Angeles, according to a person familiar with his plans who was not authorized to publicly discuss them.

Another of his firms, the venture capital firm Founders Fund, will remain in San Francisco, the person said.

Thiel -- whose net worth is $2.5 billion, according to Forbes -- also has discussed with people close to him the possibility of resigning from Facebook's board.

The plans were first reported Thursday by the Wall Street Journal. Thiel Capital spokesman Jeremiah Hall declined to comment.

Thiel also funded a massive libel lawsuit on behalf of former wrestling star Hulk Hogan that shut down the website Gawker, years after Gawker disclosed that Thiel is gay. A Florida jury awarded $140 million to Hogan in 2016; the suit later was settled for $31 million.

Thiel, an avowed libertarian, has...

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