Tech investor billionaire PayPalPeter Thiel, co-founder of Facebook will resign from the board. MetaThe company announced Monday.

Thiel was an early Facebook investor and will not be standing for re-election at the 2022 annual stockholders meeting. The company stated that Thiel has been a member of the board since 2005, and will remain so until the annual meeting.

Thiel had invested $500,000 thefacebook.com in 2004, becoming the first significant outside investor in the fast-growing social networking site that was spreading around college campuses. Zuckerberg changed the name to Facebook one year later.

Thiel’s first fortune was as cofounder of PayPal. Then he moved to investing. He started as a hedge-fund manager and later became a venture investor.

This is the latest news. Keep checking back for more updates.

Ari Levy, CNBC contributed to this article.