Peter Thiel May Stay On The Board Of Facebook Inc (NASDAQ:FB) Despite The Many Calls To Throw Him Out


Like any other Facebook Inc (NASDAQ:FB) board member Peter Thiel is also on the list of other members of the council who will be seeking re-election during the upcoming annual shareholder’s meeting.

Apart from this, the billionaire investor is also behind the scenes of a lawsuit facing Gawker Media, which has filed for bankruptcy. Alongside others, the Paypal Holdings Inc (NASDAQ:PYPL) co-founder is said to have been bankrolling the case which would amount to $10 million.

His involvement in the case began a decade ago following the release and publication of Gawker’s sex tape. The tape was highlighting the former wrestler’s sexuality.

Thiel’s efforts and success in rendering the media organization insolvent have left many people astounded. There is so much outrage with a majority claiming that his actions are an assault on freedom of the press.

Facebook has always been a defender of liberty of expression. Hence, many people are now calling on its CEO Mark Zuckerberg to eject Thiel from the board of Facebook during the shareholders’ meeting. Given that he has a majority of voting power of up to 60%, he can quickly make decisions about who should stay and who should exit.

But Thiel, who seems to have recollected the “I’m gonna squash publications I don’t like” reputation seems to be easy in all the outrage. He maintains that his actions are justified and in any case there are many others in Silicon Valley. Apparently, Facebook has also reacted on the outrage in a manner that many did not expect. Speaking at Recode’s annual Code Conference, COO Sheryl Sandberg outlined that Theil’s actions were not within his board membership mandate but as an individual. Sandberg went to categorically state that Thiel is remaining on the board.

Meanwhile, Thiel and Donald Trump have such a great affiliation that drives massive groups of people. Basically, someone’s political affiliation is expected to cause panic to whatever business and more so Facebook given that groups of people are important to its business. Surprisingly Zuckerberg seems unshaken by the duo’s affiliations.

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