The Silicon Valley billionaire was reportedly worth $1.5 billion earlier this year.
His ultimate goal for the autonomous colony, Thiel told Details magazine, "is to open a frontier for experimenting with new ideas for government," that include, "no welfare, looser building codes, no minimum wage and few restrictions on weapons.
"When you start a company, true freedom is at the beginning of things," he told the magazine. "The United States Constitution had things you could do at the beginning that you couldn't do later. So the question is, can you go back to the beginning of things? How do you start over?"
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