Peter Thiel offers $100,000 to students who drop out of school

Peter Thiel is offering to give  $100 thousand to 20 kids under the age of 20 to drop out of school.

Thiel is a billionaire as a result of early Facebook investments and being the co-founder of PayPal. He is calling this his "20 under 20" program, and he thinks that by doing so he is encouraging young adults to not limit themselves by getting an education.

Slate informs that whoever has seen The Social Network has seen Peter Theil:


"If you've seen The Social Network, you may have caught a passing glimpse of Peter Thiel. Thiel was the first outside investor in Facebook, putting up $500,000 to finance the site's original expansion in 2004. In the film's version of events, he connives with Sean Parker, the founder of Napster, to deprive Mark Zuckerberg's friend Eduardo Saverin of his 30 percent stake in the company. Though the character based on Thiel appears on-screen only briefly, Aaron Sorkin's screenplay demolishes the German-born venture-capitalist in a single line: "We're in the offices of a guy whose hero is Gordon Gekko."


(Jacob Weisberg wrote that article for Slate, and I would like to point out that a lot of the articles and posts I attribute to are written by Jacob Weisberg. So, if you're reading this Mr. Weisberg, I like your work.)

Thiel previously supported the Committee to Protect Journalists, so he can't be completely horrible, but without an education there won't be any journalists to protect.

Indyposted.com reports that Thiel said:

“There are a lot of things people learn in school, but they don’t learn much about entrepreneurship. We think that actually trying to encourage this is good.”

Well, encouraging is one thing - offering someone under 20 a large sum of money to drop out of school is just repulsive.

Why would a business man think dropping out of college is such a bright idea - maybe it's because when watching The Social Network people see how easy Zuckerberg made his start. True, Zuckerberg is an evil genius, but the money basically just fell on his lap.

Maybe if Thiel was giving a grant or some sort of scholarship of the sort, but to actually go out and say "Drop out of school and I will give you $100 thousand" is ridiculous.

I'm 20 and I even think it is ridiculous. "Stopping out of school" is what he likes to call it, according to Techcrunch.

So he is just going to give out $2 million and let it be free? Is he going make sure that the kids don't go to school? There's probably some contract that states that the money MAY NOT be spent on any form of college education. Thiel does not plan on helping each of these 20 individuals manage the money that he is offering, and that is going to backfire into a lot of debt for those young adults who may have felt as though this was their "big break."



By Nikky Raney
Journalist & Blogger