Billionaire Reveals He Funded Hulk Hogan's Gawker Lawsuit

PayPal co-creator Peter Thiel confirms he spent millions of dollars to finance Hogan's winning case.
4:03 | 05/26/16

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Transcript for Billionaire Reveals He Funded Hulk Hogan's Gawker Lawsuit
want to get to that blockbuster revelation by tech billionaire peter Theil admitting he is behind the campaign against Gawker. Rebecca Jarvis is here with new details. Good morning, Rebecca. Reporter: Hi, robin. Good morning. Billionaire peter Theil who made his fortune creating paypal, one of the first investors in Facebook is speaking out sharing details about why he spent millions of dollars financing hulk hogan's winning case against Gawker media. Silicon valley billionaire peter Theil revealing to "The New York times" overnight why he shelled out about $10 million for the courtroom takedown of Gawker by hogan whose real name is terry bollea, after Gawker published the 2007 article outing Theil as gay he said I saw Gawker pioneer a unique and incredibly damaging way of getting attention by bullying people even when there was no connection with the public interest. He put a plan in place of secretly funding cases in hopes of crippling the website. Saying it's less about revenge and more about specific deterrence. Explaining why he decided to help, they usually attack less prominent, far less wealthy people that simply can't defend themselves, even someone like terry bow Laila who is a millionaire and famous and a successful person didn't quite have the resources to do this alone. Well, they picked the wrong guy this time. Reporter: Hogan spoke about his invasion of privacy lawsuit and huge win with Linzie Janis in March. I knew we were doing what was right and even if we would have lost, it would have been good because everybody would have known what Gawker was all about. Because I exposed them and what they do and how they look at the world which to me have very, very scary. Reporter: Overnight a Florida judge denying Gawker's request for a retrial as it fights to reverse that $140 million reward for hogan in a statement nick Denton the Gawker founder who was personally named in the hogan suit told "The New York times," just because peter Theil is a silicon valley billionaire his opinion does not trump our millions of readers. Robin. Rebecca, thank you. We turn to ABC news chief legal analyst Dan Abrams, you talked about this some time ago. We didn't know who the person was. Yeah. This is something we'll see more of, do you think? I don't think we'll see a lot of it meaning you're talking about someone who is so rich going after an independent publisher, right, so those are the key factors here. That is sort of unprecedented. Meaning you got these businesses that invest in lawsuits, right. They're basically betting on the outcome. They're saying I'm going to bet X amount of dollars because I think the verdict will be that much more. This is totally different because this is personal. He's doing this because he wants to bring Gawker down. On the one hand there's nothing wrong or illegal with that, per Se, yet on the other hand, I will ahe tell you someone who owns a series of websites, it's scary to have this idea that someone could be determined to bring you down. But as Rebecca said in her report, this in some ways levels the playing field. A lot of people want to bring a suit and have -- and it didn't affect the outcome. I mean the fact that he paid for his legal fees didn't affect the outcome of it. It didn't affect the jury's verdict, per Se, but if the report is true, it did impact some of their legal strategy. Meaning their legal strategy to remove one of the counts against Gawker so their insurance company wouldn't defend them, right? That's actually changing the legal strategy based on the fact that they've got someone who is bankrolling the whole thing so it doesn't really matter how much money they're going to get out of it as long as they inflict enough pain on Gawker. That's something different. That is one way it did impact the legal strategy here. Fascinating, fascinating case. Still in the appeals process. Oh, the appeals process could cost millions and millions of dollars. The fact we now know about Theil is not going to -- Not going to change the outcome but it will make us think about it. All right, Dan, thank you. Thanks. We move on to new reports

This transcript has been automatically generated and may not be 100% accurate.

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