Friday, April 20, 2018 | Updated at 8:36 AM ET


PayPal Founder Supports Trump, Donates $1.25 Million

First Posted: Oct 17, 2016 05:39 AM EDT
Peter Thiel, co-founder of PayPal, delivers a speech during the evening session on the fourth day of the Republican National Convention on July 21, 2016 at the Quicken Loans Arena in Cleveland, Ohio.

Photo : Getty Images/Joe Raedle

PayPal cofounder and Silicon Valley billionaire Peter Thiel is getting political, and is getting ready to fund Donald Trump, Republican presidential candidate of the GOP. Thiel is expected to donate $1.25 million to Trump's presidential campaign.

This is odd for a Silicon Valley executive, according to CNET, as tech companies in the area have raised only under $300,000 (or even just $19,000 from other accounting companies) for Trump, while Hillary Clinton, Trump's rival and Democratic presidential candidate, has enjoyed $7 million in donations and fundraising from Silicon Valley.

Despite these odds, Thiel, 49, originally from Germany is pushing through with his donation amidst questions as to why he had not previously given financial support to the Republican candidate. This, given the fact that his net worth is estimated to be $2.7 billion.

"Across the country, wages are flat. Americans get paid less today than 10 years ago," Thiel tells the NY Times at the Republican National Convention. "But health care and college tuition cost more every year. Meanwhile, Wall Street bankers inflate bubbles in everything from government bonds to Hillary Clinton's speaking fees. Our economy is broken. If you're watching me right now, you understand this better than any politician in Washington D.C."

In addition, Thiel made the statement that he was "proud to be gay," the first time a Republican convention speaker had made such a statement.

Other known supporters of Trump from the tech industry are Robert Mercer and his daughter Rebekah Mercer from hedge fund Renaissance Technologies who have donated $15.5 million in support of Trump. Geoffrey Palmer, a Los Angeles developer, has donated $2 million.

Another deal that could have fared well for Trump was the fund-raiser planned by Brian Krzanich, chief executive of Intel, who intended to hold a fund-raiser for Trump in June. After a few hours of being announced, the event was subtly cancelled, and Kranizh rescinded and said that he would not be endorsing either candidate. 

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