PETER THIEL ABANDONS TRUMP

Peter Thiel is backing away from supporting President Donald Trump's reelection campaign, sources told The Wall Street Journal (WSJ), sending shivers down Trump’s spine and adding to an exodus of backers who find no winning line for the President in the November 2020 elections.

Thiel, who has been Trump's highest-profile ally in Silicon Valley, may still vote for Trump but sources told WSJ and Business Insider on Friday that the billionaire would no longer cough up money for the flagging campaign of the President.

Sources said Thiel thought Trump's reelection campaign was doomed to fail because of the economic damage done by the coronavirus pandemic. They added the PayPal cofounder had said he would not participate in this year's campaign as he did in 2016 because he thinks it's increasingly unlikely Trump can win. Thiel has not donated cash to Trump’s campaign and is said to be planning to snub the Republican National Convention (RNC) this year.

One source said Thiel compared the Trump campaign to the SS Minnow, the boat from "Gilligan's Island" that ends up stranded on the beach. Thiel said he would instead funnel his money into supporting Republican candidates for the House and the Senate, the source added. Thiel did not respond to The Journal's request for comment, and a spokesman for the Trump campaign said Thiel remained a Trump supporter.