Peter Thiel, who cofounded PayPal and was an early Facebook investor, said there are better places than Silicon Valley for technology entrepreneurs to start their businesses.
“Silicon Valley will continue producing great companies but perhaps not quite as many,” Thiel said to FOX Business’ Maria Bartiromo during an exclusive interview at the New York Economic Club.
Silicon Valley has been the motor of innovation for the past 20 years, but Thiel, who spent most of his career there, sees potential in Los Angeles.
“It’s a more diversified economy,” he said. “And I think it has much less of a sense of everyone being on top of one another thinking the same way in one place.”