Peter Thiel, co-founder of PayPal, is set to step down from the Meta board.

Thiel has served on the BigTech’s board of directors since 2005 and will continue to serve as a director until its annual meeting in May.

Thiel was one of the earliest investors in Meta - then known as Facebook - and he currently serves as chairman of data analytics firm Palantir.

Sources reported by Bloomberg said that Thiel, aged 54, is set to increase his support Donald Trump’s agenda during the upcoming 2022 US midterm elections and doesn’t want his political activities to act as a distraction to Meta.

“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,” said Mark Zuckerberg, founder and chief executive at Meta. “Peter is truly an original thinker who you can bring your hardest problems and get unique suggestions.

He added: “He has served on our board for almost two decades, and we've always known that at some point he would devote his time to other interests.”

He added: “I'm grateful he's served on our board for as long as he has, and I wish him the best in his journey ahead."

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