INTERNET ENTREPRENEUR PETER Thiel, known for his involvement in Silicon Valley firms PayPal and Facebook, has funded the litigation by former wrestler Hulk Hogan against website Gawker Media, reports said.
The New York Times, Forbes and other media reported that Thiel has secretly backed Hogan’s lawsuit, which resulted in a $140 million jury award against the entertainment website for releasing a sex tape featuring Hogan and a friend’s wife.
The March trial in the Florida city of St. Petersburg has been closely watched by legal experts for its implications for privacy and free expression online.
Gawker Media, known for its gossip about public figures, is appealing the case.
According to the Times, Thiel has had a long feud with Gawker since its 2007 article revealing he is homosexual.
The Silicon Valley billionaire is also said to have once described Gawker-owned site Valleywag as “the Silicon Valley equivalent of Al-Qaeda.”
The reports noted there is nothing illegal about Thiel’s support for the lawsuit.
German-born Thiel was a founder of the online payments firm PayPal, and served as its CEO before it was sold to eBay. He was also an early investor in Facebook and has been active in venture investing in Silicon Valley.
He operates his own foundation and has created a fellowship that offers funding to young adults who drop out of college to form their own enterprise.
Thiel has made no public comment on the Hogan case.
According to a Forbes ranking of global billionaires, Thiel, 48, has a net worth of some $2.7 billion, with stakes in Silicon Valley data firm Palantir and home-sharing service Airbnb.
To embed this post, copy the code below on your site
have your say