Peter Thiel Departs Meta Board, Shareholder Proposals Voted Down

Peter Thiel, an early investor DigitalMiddle in Facebook, departed the board of social network’s parent on Wednesday, as Meta shareholders rejected most  voted on at the company’s annual meeting on Wednesday.

Thiel’s departure was expected. A board member since 2005, he said in February he wouldn’t seek reelection to the .

Shareholders rejected a measure that would require the company to examine human rights and civil rights harms that its new metaverse project could potentially cause. They also shot down a proposal to report on concealment clauses, such as nondisclosure agreements, though a similar proposal was adopted at Twitter, a competing social network.

Decisions are likely to go management’s way, as Meta is majority owned by CEO Mark Zuckerberg, who has a controlling vote. Votes in favor of the company’s executive compensation came in at 85% by contrast, according to .

The board change comes as  last year, pivots its business toward the metaverse, an iteration of the internet that is expected to be more interactive. The company already makes Oculus headsets for accessing metaverse spaces for work and play.

Thiel is a lightning rod in the tech realm. , Thiel reportedly argued in favor of  on Facebook. The billionaire investor is turning his focus to  this year, according to The New York Times.

Thiel didn’t immediately respond to a request for comment through the .

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