Peter Thiel, an early Facebook investor, is stepping down from Meta board

Peter Thiel.
(Image credit: Stephanie Keith/Getty Images)

Billionaire tech investor Peter Thiel is stepping down from the board of Facebook's parent company Meta.

Monday's announcement comes after Meta's stock price dropped 26 percent last Wednesday and the social media giant reported that last quarter, for the first time in its history, it lost daily users.

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Catherine Garcia, The Week US

Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.