When asked by the SF Gate about the ballot initiative, which is being advanced by another unlikely minimum wage proponent, conservative millionaire Ron Unz, Thiel gave some qualified support for the idea:
In theory I’m against it because people should have the freedom to contract whatever wage they’d like to have, but in practice I think the alternative to higher minimum wages is that people simply end up going on welfare… It’s a very out of the box idea but it’s something that one should consider seriously given all the other distorted incentives that exist.