Right wing billionaire Peter Thiel has doubled down on his support of Republican Presidential candidate Donald Trump. In response to the news, millions of Americans chose to withdraw their support and their money from Thiel’s former payment platform PayPal. Unfortunately, these misguided protestors were unaware of two things,
- Thiel is a well known supporter of the Right wing agenda. So much so that he agreed to give a rousing speech at the Republican National Convention. But most importantly…
Thiel no longer owns PayPal.
Almost immediately, weekend trading numbers showed shares of the company had begun to plummet. Seizing on an opportunity to regain control of the company he created in 1998, Thiel has reportedly made the call to Wall Street brokers to purchase ~30% of the company when the market opens on the 17th of October. The reported purchase will cost Thiel just over 360 million, which he called, “a steal considering what I sold the company for”.
When it rains it pours…
With news of the PayPal boycott circulating the internet, many took to Facebook to announce their participation and spread the word. Throughout the course of this election cycle, Facebook has seen unprecedented growth in posts, shares and what they call “chatter”. This chatter is a combination of the increased platform usage and its resulting effect on revenues. With Thiel’s news going viral, chatter numbers are sure to go through the roof come Monday morning and throughout the week. Unbeknownst to the protestors, Thiel sits on Facebooks board and owns 10.2% of the company.