LOS ANGELES (CBSLA) —Billionaire tech investor Peter Thiel is reportedly moving to Los Angeles – and bringing his Bay Area investment firms with him.
According to the Wall Street Journal, Thiel is expected to move into a 7,000-square foot home overlooking the Sunset Strip that he bought back in 2012. He’s also planning to move Thiel Capital and Thiel Foundation to new headquarters in the city.
The hedge fund manager and PayPal co-founder could also step down from his role on the Facebook board, where he’s been a director since 2005.
Thiel’s disillusionment with Silicon Valley appeared to be largely political after he was one of the more high-profile supporters of then-candidate Donald Trump during the 2016 presidential election.
Thiel – who also delivered a keynote speech at the Republican National Convention – has grown frustrated with the liberal politics of the region, along with increased regulation of the tech business, the Journal reported.
“Silicon Valley is a one-party state,” Thiel said last month at a debate about tech and politics at Stanford University, according to the Journal. “That’s when you get in trouble politically in our society, when you’re all in one side.”
It wasn’t clear when Thiel plans to complete his move to Southern California.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. City News Service contributed to this report.)