Thiel's plans for the Republican primary and general election have not been previously reported.
Online news site Puck previously reported Thiel was most likely either to support Trump or sit out the primary.
When Thiel spoke at the 2016 Republican National Convention, he had more hope that the party would concentrate on economic issues, his business associate said.
Thiel's decision underlines how the Republican Party’s swing to the right on social issues is alienating some prominent, business-minded donors.
None said they intended to sit out the entire 2024 election cycle as a consequence.
In 2012, Thiel backed libertarian lawmaker Ron Paul, and in 2016 he donated some $1.25 million to the campaign efforts of Trump, who is the frontrunner for the 2024 Republican nomination.
In the 2022 election cycle, however, Thiel emerged as a potential Republican kingmaker, contributing more than $35 million to 16 federal-level Republican candidates, according to OpenSecrets. »
