Republican mega-donor and technology billionaire Peter Thiel will reportedly not fund any 2024 candidates, sources told Reuters.
Thiel, who previously supported former President Donald Trump's presidential bid, has allegedly told associates that he will not donate to any 2024 candidates, two individuals close to him told Reuters.
One source told the outlet that Thiel is unhappy with the Republican Party's focus on "hot-button U.S. cultural issues," including abortion and bathroom restrictions for transgender students. The sources also said Thiel came to his conclusion late last year.
One associate also said Thiel believes Republicans are making a mistake by concentrating on cultural points and should instead be bolstering U.S. innovation and competition with the Chinese.
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Thiel will also step back from politics moving forward, Reuters was told by four political sources.
Fox News Digital reached out to Thiel for comment but did not immediately hear back.
Thiel previously criticized the Republican Party ahead of the November midterm elections for failing to promote a clear-cut message on what they were in favor of.
The tech billionaire spoke to a crowd at the National Conservatism Conference in early September 2022, saying Republicans were too focused on opposing progressive policies while failing to provide real alternatives. Thiel also proposed the party push for a more "positive agenda."
"My scoring on the [2022] cycle is that we're doing even less well than ‘94 with the Contract for America," Thiel said at the time. "We’re doing less well than 2010, the Tea Party stuff … we're leaning way too far into pure nihilistic negation."
Thiel previously backed Ron Paul in 2012 and later donated $1.25 million to Trump's campaign efforts in 2016, according to Reuters. Trump is currently the 2024 GOP front-runner.
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Thiel made headlines in March during the Silicon Valley Bank collapse after being accused by critics of contributing to the run on the bank that led to the bank's downfall. The accusations came amid reports that his firm, Founders Fund, had pulled all of its money from the bank and warned its portfolio companies ahead of the collapse.
"I had $50 [million] of my own money stuck in SVB" Thiel told the Financial Times in March.
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The outlet reported that Thiel did not draw down from his account as he believed the bank would not fail. His account was then frozen when the Federal Deposit Insurance Corporation stepped in and took over the bank.
Fox News' Breck Dumas contributed to this report.
