Peter Thiel to retire from board of Facebook owner Meta

Facebook parent Meta announced Monday that PayPal co-founder and billionaire investor Peter Thiel will no longer serve on its board of directors. 

Thiel has served on the board since 2005 but decided to not run for re-election to the board during its 2022 annual stockholders meeting, according to a Meta press release.

"It has been a privilege to work with one of the great entrepreneurs of our time," Thiel said. "Mark Zuckerberg's intelligence, energy, and conscientiousness are tremendous. His talents will serve Meta well as he leads the company into a new era." 

Thiel invested $500,000 in thefacebook.com in 2004, CNBC reports. The company has since evolved into Meta and hit above the $1 trillion market cap. 

"Peter has been a valuable member of our board and I'm deeply grateful for everything he has done for our company -- from believing in us when few others would, to teaching me so many lessons about business, economics, and the world," Zuckerberg, Meta founder and CEO, said.

Earlier this month, Thiel made news after hosting a fundraiser for Trump-backed Harriet Hageman, who is challenging Rep. Liz Cheney (R-Wyo.).