Five years ago, the U.S. had nine of the world’s 20 most valuable Internet companies and China had just two, according to Mary Meeker, a partner of venture firm Kleiner Perkins Caufield & Byers. While there are now 11 American firms in that list, the number from China has surged to nine, Meeker said in the “Internet Trends Report 2018” in May.
Thiel, an early investor in Facebook Inc. and co-founder of PayPal Holdings Inc., has used his personal wealth to back a range of projects, including the construction of offshore cities and persuading college students to drop out of school and unleash their inner entrepreneur. Thiel also co-founded venture firms Founders Fund and Mithril Capital among others.
The billionaire is also becoming less enamored with San Francisco as he relocates his personal funds Thiel Capital and the Thiel Foundation to Los Angeles, Bloomberg reported in February. The billionaire has been critical of Silicon Valley as "mono-cultural" and "toxic."
This article was provided by Bloomberg News.