He previously announced he would not stand for re-election. Thiel was scheduled to stand down today - the date of Meta's annual shareholder meeting. He is expected to stand down ahead of the $44billion takeover by Tesla magnate Elon Musk. It comes after the entrepreneur stepped down as CEO last fall. Meanwhile, Jack Dorsey will reportedly leave Twitter's board of directors today 16 years after co-founding the firm. Thiel is leaving the board after 17 years to focus on backing Republican candidates JD Vance and Blake Masters for Senate in the upcoming midterm elections. Facebook's first big investor, billionaire Peter Thiel, is reportedly stepping down from Meta's board effective immediately.