Peter Theil along with another Billionaire investor could leave the meta board by making a one-off investment in Web3, contrary to Meta’s interests.
Marc Andreessen, a billionaire co-founder of crypto venture capital firm A16z, is likely to step down from Meta’s board of directors due to his firm’s strong investment in the Web3 space.
If Andreessen leaves the board in the next few months, the next source will say, “It’s not even remotely surprising to me,” reported a close source on Friday. Andreessen could subsequently retire after the next board election in May.
Although Andreessen did not make a public statement about his future on the Meta board.
Meta has reportedly begun acquiring and building various projects related to the Metaverse, non fungible tokens (NFT), social networking, finance, entertainment. On March 18, Meta applied for patented user identification software commonly used on hardware and e-wallets similar to that of the MetaMask or Ledger.
Meanwhile, A16z is the leading VC company in the cryptocurrency space. It led Yuga Labs, the creator of the Board Ape Yacht Club (BAYC), to launch a $30 million fund on March 11 in support of NFT art projects, leading the recent investment round. The $450 million investment round at Yuga Labs is one of the largest NFT project seed rounds to date.
Previous Investments in crypto space by A16z include decentralized exchange Uniswap, centralized exchange Coinbase, NFT marketplace open-source, decentralized finance (DeFI) protocol MakerDAO, and the decentralized lending platform.
A16z raised $ 2.2 billion in the middle of last year for its third crypto fund and it further plans to raise $4.5 billion for its next fund in the coming months, making it the largest venture until now.
Although A16z spokesperson denied the rumors while addressing and said,
“I do not know if he will come down. So no, it’s not going to happen. Not yet.”
Andreessen has been on the Facebook board since 2008 and has been on the board longer than current non-meta team members. Peter Theil, an early Facebook investor will step down in May for various reasons, including investing in Block.one, the blockchain solutions company behind EOS blockchain, and BitPanda a crypto trading platform.