Quote of the day by PayPal co-founder Peter Thiel: 'I no longer believe that freedom and democracy are compatible' — a foundational thesis of the new tech elite

Peter Thiel is among the most prominent figures in the technology industry, having co-founded PayPal in the 90s and Palantir a few years later. Although he's since stepped back from running technology companies, he plays an active role in business, finance – and indeed in politics.

Minimum government, maximum freedom

Writing an essay for the Cato Unbound journal nearly 20 years ago, Thiel outlined his political thinking as one that prioritizes the individual – and individual freedoms – above the needs or demands of the majority.

In this essay, he explained how he was disillusioned with democratic politics and that it had become an antagonist to "freedom" in the form of free markets and, specifically, the new generation of tech moguls who were in the process of expansion.

The piece, which ran in excess of 2,000 words, courted plenty of attention, as well as controversy, especially given its timing – with society still reeling from the 2008 banking crisis, and concerns over the widening wealth divide heightening.

Democracy dies in darkness

Many incidents and actions in the technology world can be traced back to the ideas at the heart of this essay, for example, the breakdown of press freedoms, specifically in the big tech takeover of the creative industries and journalism (see the Washington Post example).

Modern tech companies are also increasingly involved in politics, with Elon Musk, for example, increasingly (whether deliberately or inadvertently) using Starlink to wield influence during geopolitical conflicts.

Despite Thiel's proclamation to transcend democratic politics via media such as cyberspace or cryptocurrencies, many tech moguls – including the Palantir co-founder – have also made concerted efforts to involve themselves in this process. Musk's direct involvement in the second Trump administration is the most prominent example, but Thiel himself has handpicked candidates to stand in elections, including JD Vance.