US tech billionaire Peter Thiel, mentor and a close ally of Vice President JD Vance, has become the talk of the town after New York Times reported that he has “temporarily relocated” to Argentina.
Many are interpreting it as Thiel leaving the US and settling in Argentina. But that is not accurate. Thiel and his family are still US citizens, but the 58-year-old, his husband Matt Danzeisen, and children are now living in Argentina.
The move is seen as a potential hint at permanently moving out in the future, as California, his home state, goes to the ballot on a new tax for billionaires during midterms.
The NYT report notes that the billionaire has purchased a $12 million, 17,200-square-foot mansion in Barrio Parque, a plush neighborhood in Buenos Aires and is living with his family there for now. His children have also enrolled on local schools.
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Viral Misinterpretation Spreads On Social Media
Diverging far from what the report actually said, many interpreted it as Peter Thiel becoming an expatriate entrepreneur. But that is not the case.
Thiel still has more than 99% of his assets and wealth anchored in the US. In fact, the $12 million mansion that he has purchased in Argentina is his only known investment in the country, so far. It is minuscule compared to how much the $28 billion worth entrepreneur has banked in the US.
However, the two sources cited in the report note that due to Thiel’s friendship with Argentina’s President Javier Milei, the latter has offered Thiel Argentine citizenship. But adds that “it’s currently unclear whether he would accept.”
What To Know About California’s Billionaire Tax Vote
As the US goes to the polls for the 2026 US midterms, California residents will have an extra ballot to fill. A referendum on November 3, 2026, for a one-time tax on billionaires that will fund state programs.
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Called the “One-Time Wealth Tax for State-Funded Health Care Programs Initiative”, it proposes a one-time 5% tax on California residents with a net worth of above $1 billion. The funds, which will be derived during the 2026-27 tax season, will be used for healthcare programs, K-14 education and food assistance, the program states.
Notably, for Thiel, that would amount to close to $1.4 billion of his $28 billion net worth.
Democrat Governor Gavin Newsom is strongly opposed to the bill and has been campaigning against it. He said in a recent interview with POLITICO: “The evidence is in. The impacts are very real — not just substantive economic impacts in terms of the revenue, but start-ups, the indirect impacts of… people questioning long-term commitments, medium-term commitments.”
