PayPal founder and Republican donor Peter Thiel reportedly said he will not support any political candidates in the 2024 election.
The billionaire is said to be frustrated with the Republican Party's current focus on conservative cultural policies, specifically state-level abortion bans and anti-LGBTQ education bills.
- Thiel reportedly believes that the GOP is missing an opportunity by focusing on cultural issues instead of trying to stimulate technological innovation and emphasizing the economic competition between the U.S. and China.
- During a speech at the 2016 Republican National Convention, Thiel said that: "fake culture wars only distract us from our economic decline."
- Thiel, who is worth an estimated $4.2B, has contributed ~$50M to state and federal political campaigns and candidates since 2000.
- According to OpenSecrets, Thiel donated more than $35M to 16 Republican candidates for federal office during the 2022 midterm elections, making him the 10th-largest donor to either political party during that election cycle.
- Thiel reportedly said he may decide to provide backing to candidates who have previously worked for him
- Much of the ~$35M that Thiel spent in the 2022 midterms went to the Senate campaigns of Blake Masters in Arizona and J.D. Vance in Ohio, both of whom previously worked for Thiel.
- Vance won his race, while Masters lost to Senator Mark Kelly.
