Exclusive: Peter Thiel, Republican megadonor, won’t fund candidates in 2024 – sources

Two persons close to tech billionaire and Republican megadonor Peter Thiel, who supported former President Donald Trump but eventually broke with him, have told acquaintances he will not donate to any political candidates in 2024.

A business partner said Thiel is upset with the Republican Party’s concentration on hot-button U.S. cultural issues including abortion and transgender bathroom regulations.

Sources indicated Thiel reached this determination by late 2022. The business colleague said Republicans should focus on innovation, his top priority, and competing with China instead of cultural flashpoints.

Thiel’s Republican primary and general election ambitions are unknown. Puck reported Thiel will either support Trump or sit out the primary. Thiel declined a Reuters interview.

His business associate said Thiel spoke at the 2016 Republican National Convention hoping the party would focus on economic issues.

“I am proud to be gay,” Thiel remarked onstage. I’m proudest to be an American. I don’t agree with every plank in our party’s platform, but bogus culture conflicts only distract us from our economic slide, and nobody in this campaign is honest about it except Donald Trump.”

Four political sources informed Reuters that Thiel is withdrawing from U.S. politics. Thiel, who supported conservative causes unlike his Silicon Valley friends, is a libertarian.

Donors pause
After co-founding PayPal (PYPL.O), Palantir (PLTR.N), and Facebook (META.O), the German entrepreneur is worth $4.2 billion. According to OpenSecrets, he was the 10th highest individual donor to either party in the 2022 midterm congressional elections and has donated $50 million to state and federal candidates and campaigns since 2000.

Thiel’s decision shows how the Republican Party’s social conservative shift is alienating big business donors.

After Florida Governor Ron DeSantis signed a bill banning most abortions after six weeks, several big contributors are hesitating to endorse him for the White House. None planned to boycott the 2024 election.

In 2012, Thiel supported libertarian congressman Ron Paul, and in 2016, he gave $1.25 million to Trump, the Republican contender for 2024.

According to OpenSecrets, Thiel didn’t fund Trump’s 2020 re-election. One source close to Thiel said he loved some of Trump’s policies but not the chaos.

Thiel became a Republican kingmaker in 2022, providing more than $35 million to 16 federal Republican candidates, according to OpenSecrets. Twelve candidates won.

Thiel might change his mind about political contributions for the 2024 campaign, but both sources familiar with his donation plans said they had heard him say on many times that he had left U.S. politics.

The source who knows Thiel personally said he had cautioned that he could still support candidates who have worked for him, as he did in 2022, when the bulk of his $35 million in donations went to two former colleagues running for the Senate as Republicans: J.D. Vance, who won, and Blake Masters, who lost a race pundits considered winnable despite receiving $20 million from Thiel.

The business associate replied he was unaware of any ex-employee provision.

Thiel has two children with businessman Matt Danzeisen. The source who knows Thiel told Reuters that his family’s safety also influenced his decision to stand back.