Peter Thiel Is Stepping Down From Meta’s Board of Directors

 The company recently lost more value—$226 billion—in a single day of trading than any company in the history of American stock markets. Now it has lost Peter Thiel, who will concentrate on politics.

Peter Thiel, the controversial PayPal co-founder and Palantir Technologies, plans to devote time to pursuing his political passions, specifically his support for the Republican party and former United States President Donald Trump in the 2022 midterms. Thiel does not want his political activism to be a “distraction” for the company, a person close to Thiel told Fortune

Thiel’s resignation means Meta, which renamed itself from Facebook in October, is losing one of its board members as the company pivots to focus on virtual and augmented reality. In January, DoorDash Chief Executive Officer Tony Xu joined Meta’s board. The company is also coming off of a disappointing earnings report last week, which caused the company to lose more value—$226 billion—in a single day of trading than any company in the history of American stock markets.

“Peter is truly an original thinker who you can bring your hardest problems and get unique suggestions. 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,” Meta Chief Executive Officer Mark Zuckerberg said in a company press release Monday. “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.”

Thiel, according to the press release, will stay in his position until the company’s 2022 annual shareholder meeting.

Peter Thiel Is Stepping Down From Meta’s Board of Directors