Peter Thiel to Exit Meta’s Board to Support Trump-Aligned Candidates

Peter Thiel, one of the longest-serving board members of Meta, the parent of Facebook, plans to step down, the company said on Monday.

Mr. Thiel, 54, wants to focus on influencing November’s midterm elections, said a person with knowledge of Mr. Thiel’s thinking who declined to be identified. Mr. Thiel sees the midterms as crucial to changing the direction of the country, this person said, and he is backing candidates who support the agenda of former President Donald J. Trump.

Over the last year, Mr. Thiel, who has a net worth estimated at $2.6 billion by Forbes, has become one of the Republican’s Party’s largest donors. He gave $10 million each last year to the campaigns of two protégés, Blake Masters, who is running for a Senate seat in Arizona, and J.D. Vance, who is running for Senate in Ohio.

Mr. Thiel has been on Meta’s board since 2005, when Facebook was a tiny start-up and he was one of its first institutional investors. But scrutiny of Mr. Thiel’s position on the board has steadily increased as the company was embroiled in political controversies, including barring Mr. Trump from the platform, and as the venture capitalist has become more politically active.

The departure means Meta loses its board’s most prominent conservative voice. The 10-member board has undergone significant changes in recent years, as many of its members have left and been replaced, often with Silicon Valley entrepreneurs. Drew Houston, the chief executive of Dropbox, joined Facebook’s board in 2020, and Tony Xu, the founder of DoorDash, joined it last month. Meta didn’t address whether it intends to replace Mr. Thiel.

The company, which recently marked its 18th birthday, is undertaking a shift toward the so-called metaverse, which its chief executive, Mark Zuckerberg, believes is the next generation of the internet. Last week, Meta reported spending more than $10 billion on the effort in 2021, along with mixed financial results. That wiped more than $230 billion off the company’s market value.

“Peter has been a valuable member of our board and I’m deeply grateful for everything he’s done for our company,” Mr. Zuckerberg said in a statement. “Peter is truly an original thinker who you can bring your hardest problems and get unique suggestions.”

In a statement on Monday, Mr. Thiel said: “It has been a privilege to work with one of the great entrepreneurs of our time. Mark Zuckerberg’s intelligence, energy and conscientiousness are tremendous. His talents will serve Meta well as he leads the company into a new era.”

Mr. Thiel first met Mr. Zuckerberg 18 years ago when he provided the entrepreneur with $500,000 in capital for Facebook, valuing the company at $4.9 million. That gave Mr. Thiel, who with his venture firm Founders Fund controlled a 10 percent stake in the social network, a seat on its board of directors.

Since then, Mr. Thiel has become a confidant of Mr. Zuckerberg. He…