Billionaire investors Peter Thiel and Marc Andreessen will reportedly leave the board of Facebook and Instagram parent company Meta Inc. (NASDAQ:FB) due to their involvement with Web3 developments.
What Happened: A Friday Business Insider report cited a source familiar with the matter who said: “it would not surprise me even remotely” if Andressen left Meta's board in the next few months. The billionaire investor could leave the social media giant as soon as May, when the next board re-election is held, the report said.
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Similarly, according to a Friday Cointelegraph report, Facebook investor Thiel will step down in May because of his crypto investments in Block.One, the blockchain solutions firm behind EOS blockchain and crypto trading platform BitPanda.
Those investments are apparently perceived as a conflict of interest with these investors' involvement in Meta — a company that is attempting to develop its own vision of the metaverse in direct contraposition to the vision moved forward by Web3 proponents.
Meta recently filed eight trademark applications for its logo on several applications in the digital asset space. Those trademarks cover cryptocurrency tokens, blockchain software, virtual currency exchanges, wallets and exchanges, as well as digital, crypto and virtual currencies — further cementing the idea that Meta plans to compete with crypto firms.
