Palantir's Peter Thiel Gave Employees $1,000 Monthly For Living Near Office, Book Says. Here's Why

An interesting tidbit was revealed by Michael Gibson, a former employee of Peter Thiel, in his book “Paper Belt on Fire: The Fight for Progress in an Age of Ashes.” Thiel, the billionaire investor and co-founder of Palantir Technologies, once offered a $1,000 monthly bonus if employees lived close to the office. 

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Per the book, Thiel had a clear reason for offering this bonus. He wanted to ensure his employees were always nearby, which meant they could stay late and even come in on weekends if needed. By living close to the office himself, just about 400 yards away in San Francisco, Thiel was setting an example for his team to follow.

The proximity also had social benefits. As Gibson noted, “It had the added effect that we would all show up to the same watering holes after work to knock off a few drinks and gossip, tell war stories, argue over the jukebox, and laugh. Regarding employee benefits, I always thought this was a wise one.”

Thiel wasn’t alone in using such incentives. Companies like Meta have also offered substantial bonuses to encourage employees to live near their headquarters. According to The Guardian, Facebook staff received at least $10,000 if they lived within 10 miles of the Menlo Park headquarters, and employees with families could receive a one-time payment of $15,000 for housing.

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Companies are increasingly pushing employees to return to the office by trying to make in-office work appealing. According to a report, key incentives include office perks like catered lunches and commuter cost coverage, with 44% and 39% of employees citing these as top incentives, respectively. Other companies flat-out mandate that workers should return to the office or else.

“Paper Belt on Fire: The Fight for Progress in an Age of Ashes” by Michael Gibson is part memoir and part manifesto. The book documents Gibson’s journey, alongside co-founder and former charter school principal Danielle Strachman, to establish the 1517 Fund, which supports young innovators and college dropouts. 

According to the fund’s website, its goal is to challenge the traditional higher education system, which it views as outdated and inefficient.

Peter Thiel, on the other hand, is a prominent Republican donor. Despite being a longtime backer of Trump VP JD Vance and a Trump supporter, he reportedly said he wouldn’t fund any political candidates in the 2024 election cycle. This decision marks a significant change from Thiel's previous political involvement. In the past, he gave substantial sums to support former President Donald Trump and other Republican candidates.

Thiel’s decision is partly driven by his dissatisfaction with the Republican Party’s current focus on cultural issues, such as abortion and transgender rights, rather than on innovation and economic competition, especially against China. 

Thiel’s connection with Vance has put him back in the spotlight because he’s been key in advancing Vance’s political career. They first met after Thiel gave a talk at Yale Law School, where Vance was a student. This meeting led Vance to work at Thiel’s venture capital firm, Mithril Capital, before starting his venture fund.

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