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In 2004, Peter Thiel invested $500,000 in Facebook, money that quickly gave way to an unthinkable fortune for the right-wing billionaire. But it turns out that it was Thiel’s donation to Donald Trump’s 2016 campaign—and his willingness to speak in support of Trump at the Republican National Convention at the time—that has produced perhaps the biggest dividends, transforming him into a genuine oligarch of American politics.

Now, you won’t hear about this in such explicit terms when Trump officially accepts the Republican presidential nomination. But Hulk Hogan’s unexpected appearance on Thursday, shortly before Trump takes the stage, makes the message unmissable. In fact, Hogan’s appearance,........

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