Peter Thiel Departs Meta Board, Shareholder Proposals Voted Down

Shareholders dismiss proposals to assess Meta's human rights impact and commission a report on nondislosure agreements.

Corinne Reichert Senior Editor
Corinne Reichert (she/her) grew up in Sydney, Australia and moved to California in 2019. She holds degrees in law and communications, and currently writes news, analysis and features for CNET across the topics of electric vehicles, broadband networks, mobile devices, big tech, artificial intelligence, home technology and entertainment. In her spare time, she watches soccer games and F1 races, and goes to Disneyland as often as possible.
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Corinne Reichert
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Peter Thiel, an early investor in Facebook, departed the board of social network's parent on Wednesday, as Meta shareholders rejected most proposals 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 company's board.

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 MarketWatch.

The board change comes as Facebook, which rebranded itself Meta 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.  A vocal supporter of Donald Trump, Thiel reportedly argued in favor of allowing politicians to lie in political ads on Facebook. The billionaire investor is turning his focus to helping Trump-aligned Republican candidates in the midterms this year, according to The New York Times.

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

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