Peter Thiel has become a convenient symbol for Argentina’s left forces, who criticize President Javier Milei and accuse him of selling out the country. This comes a year before the presidential elections.
Opposition lawmakers held a five-hour parliamentary hearing on Friday regarding Thiel’s interests in Argentina, increasing attention on the American billionaire who purchased an estate in Buenos Aires and a stake in the country’s largest oil exporter. This year, Thiel also met with Milei and members of his cabinet.
These meetings occurred just as the libertarian leader Milei began promoting a bill to make it easier for foreigners to purchase land in Argentina, as well as another bill that would allow companies to be fully managed by artificial intelligence. This legislative push is part of Milei’s efforts to attract new foreign investment to Argentina. However, the bills have sparked significant public backlash, giving Peronist opponents of Milei an opportunity to capitalize on nationalist sentiments ahead of the next election campaign.
Congressional hearings and protests
Thiel has become a convenient target for Milei’s critics. Friday’s hearings focused on one question: “Why is Thiel here?”, which was displayed in white text on a blood-red background on screens in the Congress conference room. The hearings followed a protest outside his property in Buenos Aires, where a group of demonstrators dressed as Gandalf — a nod to Thiel’s fascination with “The Lord of the Rings” — chanted soccer anthems with revised lyrics mocking Thiel and his data analysis company. The protesters held a banner that read: “You shall not pass.”
The lawmakers who organized the hearings sought to portray Thiel’s interests in the South American country as more sinister. “To understand Peter Thiel, perhaps we need to read less ‘Lord of the Rings’ and watch more ‘Terminator 2,'” said Juan Marino, a Peronist congressman who organized the event. “This futuristic dystopia, where technology annihilates humanity, allows us to see with full clarity what kind of future and present they are proposing here.”
Paper placards with the names of Thiel, Milei, and other members of his cabinet stood on a table to the left of Marino. Although they were invited to speak, no one appeared. Instead, opposition lawmakers invited experts in artificial intelligence, technology, theology, and land use to present different versions of Thiel’s interests in Argentina. Many of them claimed that his activities could have catastrophic consequences. A representative of Thiel did not respond to a request for comment.
Political challenges for Milei and Thiel’s interests
The hearings took place during a difficult period for Milei, whose approval ratings have neared the lowest levels of his presidency. Earlier this month, a property rights bill that sought to ease restrictions on foreign land ownership in Argentina sparked public backlash. As a result, lawmakers removed the most important provisions before its passage.
Now, opponents are focusing on other proposals, including a bill on artificial intelligence and another bill that would provide generous tax, customs, and currency exemptions to new industries, including data processing centers.
Milei also seeks to create an “investment passport” program, fueling opposition claims that he is selling off Argentina’s resources to support his re-election campaign in 2027.
Thiel is primarily interested in Argentina as a kind of bunker in case of a possible nuclear conflict, according to two people familiar with the situation. He also enthusiastically supported Milei’s idea to allow companies to be managed by artificial intelligence but did not develop this proposal, according to a government official who asked not to be named due to the nature of internal discussions.
Thiel was scheduled to speak at a business conference in Buenos Aires the following week but canceled his participation without explanation.
Source: Bloomberg
