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{{Infobox person
| name             = David Sacks
| image            = David_Sacks.jpg
| image_size       = 300px
| caption          = Sacks in 2024
| birth_name       = David Oliver Sacks
| birth_date       = {{Birth date and age|1972|5|25}}
| birth_place      = [[Cape Town]], [[South Africa]]
| nationality      = South African-American
| citizenship      = {{flag|United States}}
| education        = [[Stanford University]] (B.A.)<br>[[University of Chicago Law School]] (J.D.)
| occupation       = Venture capitalist, entrepreneur, author, government official
| years_active     = 1998–present
| title            = White House AI & Crypto Czar<br>General Partner, Craft Ventures
| spouse           = Jacqueline Tortorice (m. 2007)
| children         = 3
| net_worth        = US$200–500 million (2025 estimate)
| signature        = 
| website          = 
}}

'''David Oliver Sacks''' (born May 25, 1972) is a South African-American entrepreneur, venture capitalist, author, podcast host, and government official who serves as the [[White House]] AI and Crypto Czar in the [[Donald Trump|Trump administration]]. A member of the legendary "[[PayPal Mafia]]," Sacks was the founding COO and product leader of [[PayPal]] before founding [[Yammer]], an enterprise social networking platform that he sold to [[Microsoft]] for $1.2 billion in 2012. He is a general partner at [[Craft Ventures]], a venture capital firm he co-founded in 2017, with investments in companies including [[SpaceX]], [[Facebook]], [[Uber]], [[Palantir Technologies]], and [[Airbnb]].<ref name="craft_ventures">{{cite web|title=Craft Ventures|url=https://www.craftventures.com/|publisher=Craft Ventures}}</ref>

Sacks gained widespread public recognition as a co-host of the ''[[All-In (podcast)|All-In]]'' podcast alongside [[Chamath Palihapitiya]], [[Jason Calacanis]], and David Friedberg, which became one of the most popular business and technology podcasts in the United States. As described by ''[[The New York Times]]'', Sacks "transformed from a prominent Silicon Valley executive into an unlikely media celebrity for would-be entrepreneurs, especially those leaning right."<ref name="nyt_profile">{{cite web|title=David Sacks Profile|url=https://www.nytimes.com/2024/06/15/technology/david-sacks-trump-silicon-valley.html|publisher=New York Times|date=2024-06-15}}</ref>

In December 2024, President-elect [[Donald Trump]] appointed Sacks as the "White House AI & Crypto Czar," a newly created position tasked with building a legal framework for the [[cryptocurrency]] industry and guiding artificial intelligence policy. The appointment followed Sacks's emergence as one of Trump's most prominent supporters in Silicon Valley, including hosting a $12 million fundraiser for Trump at his [[Pacific Heights, San Francisco|Pacific Heights]] home in June 2024 and speaking at the [[2024 Republican National Convention]]. Following Trump's inauguration, Sacks declared at a "Crypto Ball" that "the war on crypto is over."<ref name="ai_czar">{{cite web|title=Trump Names Sacks AI and Crypto Czar|url=https://www.bloomberg.com/news/articles/2024-12-06/trump-names-david-sacks-as-white-house-ai-and-crypto-czar|publisher=Bloomberg|date=2024-12-06}}</ref>

Born in Cape Town, South Africa, Sacks immigrated to the United States as a child and was educated at [[Stanford University]], where he met lifelong collaborator [[Peter Thiel]] and served as editor-in-chief of the ''[[Stanford Review]]'', a libertarian student newspaper that Thiel had founded. After graduating from Stanford and the [[University of Chicago Law School]], Sacks briefly worked at [[McKinsey & Company]] before joining Thiel's startup Confinity, which merged with [[Elon Musk]]'s X.com to create PayPal. His career has been marked by both entrepreneurial success and political controversy, including co-authoring the 1995 book ''The Diversity Myth'' with Thiel, taking positions against U.S. involvement in the [[Russian invasion of Ukraine]], and navigating potential conflicts of interest in his government role while maintaining his venture capital investments.

== Early life and education ==

=== South African origins ===

David Oliver Sacks was born on May 25, 1972, in [[Cape Town]], [[South Africa]], to a Jewish family. His family emigrated to the United States when he was five years old, settling in [[Tennessee]] due to the political uncertainties and racial tensions in apartheid-era South Africa. The decision to leave South Africa was made as the country descended into increasing instability, with many Jewish families and other minority groups seeking opportunities abroad.<ref name="early_life">{{cite web|title=David Sacks Biography|url=https://www.bbntimes.com/public/technology/meet-david-o-sacks-the-silicon-valley-maverick-behind-paypal-yammer-and-craft-ventures|publisher=BBN Times}}</ref>

Sacks was raised in a household that valued education. His father was an [[endocrinologist]], and his mother was a teacher. Though Sacks did not initially know he wanted to become an entrepreneur, he has said that he did not want to follow his father into a traditional profession. He has cited his grandfather, who started a candy factory in the 1920s, as an early inspiration for entrepreneurship.

=== Memphis upbringing ===

Sacks grew up in Memphis, Tennessee, and attended [[Memphis University School]], a private college preparatory school for boys. The school provided a rigorous academic environment that prepared students for elite universities. Despite being raised in the American South far from the technology centers on the coasts, Sacks developed intellectual interests that would eventually lead him to Silicon Valley.

=== Stanford University ===

Sacks enrolled at [[Stanford University]], where he earned a bachelor's degree in economics in 1994. At Stanford, Sacks met [[Peter Thiel]], a fellow student who would become one of the most influential venture capitalists and political figures of his generation. The two formed a lifelong friendship and professional partnership that would shape both their careers.<ref name="stanford">{{cite web|title=PayPal Mafia at Stanford|url=https://medium.com/intheir20s/how-david-sacks-and-the-paypal-mafia-became-the-most-dominant-collection-of-entrepreneurs-in-1e1707a64139|publisher=Medium}}</ref>

During his time at Stanford, Sacks became involved with the ''[[Stanford Review]]'', a conservative and libertarian student newspaper that Thiel had founded in 1987. Sacks rose to become editor-in-chief of the Review, a position that allowed him to develop his political and intellectual voice while building connections with like-minded students. The Review was known for challenging what its editors viewed as liberal orthodoxy and political correctness on campus, positions that would later be elaborated in Sacks and Thiel's collaborative writing.

=== ''The Diversity Myth'' ===

After graduating from Stanford, Sacks co-authored with Peter Thiel the 1995 book ''The Diversity Myth: Multiculturalism and the Politics of Intolerance at Stanford'', published by the [[Independent Institute]]. The book criticized [[political correctness]] in higher education and argued that more intellectual diversity was needed on college campuses. Sacks and Thiel contended that Stanford's diversity initiatives had paradoxically led to increased segregation and intolerance for dissenting viewpoints.<ref name="diversity_myth">{{cite book|title=The Diversity Myth: Multiculturalism and the Politics of Intolerance at Stanford|author1=Sacks, David|author2=Thiel, Peter|year=1995|publisher=Independent Institute}}</ref>

The book generated controversy both at its publication and in subsequent years as Thiel and Sacks achieved greater prominence. Critics viewed it as an attack on efforts to create more inclusive campus environments, while supporters praised it as a defense of free speech and intellectual diversity. The following year, Sacks wrote for ''Stanford Magazine'' arguing against [[affirmative action]], claiming that it had hurt rather than helped disadvantaged groups and had led to increased segregation at Stanford in the name of diversity.

=== University of Chicago Law School ===

After completing his undergraduate studies, Sacks enrolled at the [[University of Chicago Law School]], one of the nation's premier law schools known for its rigorous analytical approach and association with the [[Law and economics|law and economics]] movement. He earned his [[Juris Doctor]] degree in 1998. The legal training provided Sacks with analytical frameworks that would prove valuable in business, particularly in understanding contracts, corporate structures, and regulatory environments.<ref name="law_school">{{cite web|title=Trump Selects Law School Alum David Sacks|url=https://chicagomaroon.com/44786/news/trump-selects-law-school-alum-david-sacks-to-be-white-house-a-i-and-crypto-czar/|publisher=Chicago Maroon|date=2024-12}}</ref>

== Early career ==

=== McKinsey & Company ===

After law school, Sacks joined [[McKinsey & Company]], one of the world's most prestigious management consulting firms. At McKinsey, he worked as a management consultant, advising corporate clients on strategy and operations. The position provided exposure to a wide range of industries and business problems, as well as rigorous training in analytical thinking and problem-solving.<ref name="mckinsey">{{cite web|title=David Sacks Career|url=https://www.yahoo.com/news/meet-david-sacks-member-paypal-145525514.html|publisher=Yahoo News|date=2024-12}}</ref>

However, Sacks quickly realized that management consulting was not his long-term calling. The late 1990s were a period of explosive growth in the internet industry, and the entrepreneurial energy of Silicon Valley beckoned. When his Stanford friend Peter Thiel offered him the opportunity to join a startup, Sacks seized the chance to leave the traditional corporate world behind.

== PayPal (1999-2002) ==

=== Joining Confinity ===

In 1999, Sacks left McKinsey to join [[Confinity]], a startup founded by [[Peter Thiel]], [[Max Levchin]], and [[Luke Nosek]] that was developing security software for handheld devices. Sacks became the company's inaugural product leader, responsible for defining and building the products that would eventually transform Confinity into PayPal.<ref name="confinity">{{cite web|title=PayPal History|url=https://www.dailyinvestor.com/technology/67479/the-three-south-africans-and-a-close-friend-who-ran-the-paypal-mafia/|publisher=Daily Investor}}</ref>

Confinity's original focus on handheld security did not gain traction, but the company had developed a money transfer application that showed unexpected promise. Users were increasingly adopting the application to send payments to each other via email, particularly on the auction site [[eBay]]. Recognizing this organic demand, Confinity pivoted to focus entirely on the payment service, which became PayPal.

=== Merger with X.com ===

In March 2000, Confinity merged with [[X.com]], a rival online financial services company founded by [[Elon Musk]]. The merger created a combined entity that would eventually operate under the PayPal name, though the integration process was not without friction. Musk initially served as CEO of the combined company, but internal disagreements led to Thiel taking over as CEO later that year, with Sacks serving as COO.<ref name="merger">{{cite book|title=The Founders: The Story of PayPal and the Entrepreneurs Who Shaped Silicon Valley|author=Jimmy Soni|year=2022|publisher=Simon & Schuster}}</ref>

=== COO and product leadership ===

As PayPal's [[chief operating officer]] (COO), Sacks held responsibility for a remarkably broad portfolio:

* Product management and design
* Sales and marketing
* Business development
* International expansion
* Customer service
* Fraud operations
* Human resources

His product leadership was particularly significant. Sacks helped define the user experience that made PayPal accessible to millions of users, including the integration with eBay that drove much of the company's early growth. He also dealt with the company's fraud challenges, which at one point threatened to overwhelm the business.

=== IPO and eBay acquisition ===

PayPal had its [[initial public offering]] in February 2002, one of the first significant technology IPOs after the [[September 11 attacks]]. The stock rose more than 54% on its first day of trading, a remarkable performance given the difficult market conditions and the lingering effects of the [[dot-com bubble]] collapse.<ref name="ipo">{{cite web|title=PayPal IPO|url=https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1103415|publisher=SEC}}</ref>

The IPO success attracted the attention of [[eBay]], where PayPal had become the dominant payment method for auction transactions. In October 2002, eBay acquired PayPal for $1.5 billion in stock, providing a substantial windfall for PayPal's founders and early employees.

=== PayPal Mafia ===

Sacks is a member of the so-called "[[PayPal Mafia]]," a group of PayPal founders and early employees who went on to found or lead numerous successful technology companies. The group includes:

* '''[[Peter Thiel]]''': Co-founder of PayPal, [[Palantir Technologies]], and [[Founders Fund]]; early investor in Facebook
* '''[[Elon Musk]]''': Founder of [[Tesla, Inc.|Tesla]], [[SpaceX]], and [[The Boring Company]]; CEO of [[Twitter]]/X
* '''[[Reid Hoffman]]''': Co-founder of [[LinkedIn]]
* '''[[Max Levchin]]''': Co-founder of PayPal; founder of [[Affirm (company)|Affirm]] and Slide
* '''[[Keith Rabois]]''': COO of [[Square, Inc.|Square]] and [[OpenDoor]]; partner at [[Founders Fund]] and [[Khosla Ventures]]
* '''[[Roelof Botha]]''': Partner at [[Sequoia Capital]]
* '''[[Steve Chen (YouTube)|Steve Chen]]''' and '''[[Chad Hurley]]''': Co-founders of [[YouTube]]

The PayPal Mafia is often credited with inspiring [[Web 2.0]] and the re-emergence of consumer-focused internet companies after the dot-com bust. Their collective influence on Silicon Valley's culture and investment landscape has been profound.<ref name="paypal_mafia">{{cite web|title=The PayPal Mafia|url=https://fortune.com/2007/11/13/paypal-mafia/|publisher=Fortune|date=2007-11-13}}</ref>

== Film production ==

Following PayPal's acquisition, Sacks explored interests outside of technology, most notably in film production. He produced and financed ''[[Thank You for Smoking]]'' (2005), a political satire based on the [[Christopher Buckley (novelist)|Christopher Buckley]] novel of the same name. The film premiered at the [[2005 Toronto International Film Festival]], was acquired by [[20th Century Fox]] for theatrical release in 2006, and was nominated for two [[Golden Globe Awards]], including Best Motion Picture (Musical or Comedy).<ref name="thank_you">{{cite web|title=Thank You for Smoking|url=https://www.imdb.com/title/tt0427944/|publisher=IMDb}}</ref>

Sacks later developed and produced ''[[Dalíland]]'' (2023), a biographical film about the artist [[Salvador Dalí]]. The film premiered at the [[2022 Toronto International Film Festival]] and was acquired by [[Magnolia Pictures]] for theatrical release in 2023.

== Geni.com and Yammer ==

=== Founding Geni.com ===

In 2006, Sacks founded [[Geni.com]], a [[genealogy]] website that allowed users to build and share family trees online. The platform leveraged network effects, as users would invite family members to fill in their portions of the family tree, creating viral growth. Geni.com was eventually acquired by [[MyHeritage]] in 2012.<ref name="geni">{{cite web|title=Geni.com|url=https://www.geni.com/about|publisher=Geni}}</ref>

=== Creating Yammer ===

In 2008, Sacks and co-founder Adam Pisoni spun off an internal communication tool created by Geni employees into a standalone company called [[Yammer]]. The concept was simple but powerful: create a social network for the enterprise—a secure [[Facebook]]-like platform for internal corporate communication and collaboration.

Yammer launched at the [[TechCrunch50]] conference in 2008 and won the grand prize, generating significant attention in the technology industry. The product's viral approach to enterprise adoption proved revolutionary: rather than selling to IT departments through traditional enterprise sales processes, Yammer allowed individual employees to sign up using their corporate email addresses and invite colleagues. This "bottom-up" adoption model made Yammer one of the fastest-growing [[Software as a service]] (SaaS) companies in history, exceeding eight million enterprise users in just four years.<ref name="yammer_growth">{{cite web|title=Yammer Growth Story|url=https://www.socialcapital.com/annual-letters/2011|publisher=Social Capital}}</ref>

Yammer raised approximately $142 million in venture capital funding from firms including [[Charles River Ventures]], [[Founders Fund]], [[Emergence Capital Partners]], and Goldcrest Investments.

=== Microsoft acquisition ===

In July 2012, [[Microsoft]] acquired Yammer for $1.2 billion as a core part of its cloud and social strategy. The acquisition validated the enterprise social networking category and provided Sacks with a significant exit. Yammer was integrated into Microsoft's [[Office 365]] suite and continued to operate as part of Microsoft's enterprise offerings.<ref name="microsoft_acquisition">{{cite web|title=Microsoft Acquires Yammer|url=https://news.microsoft.com/2012/06/25/microsoft-to-acquire-yammer/|publisher=Microsoft|date=2012-06-25}}</ref>

== Zenefits ==

=== Investment and takeover ===

In December 2014, Sacks made a "major investment" in [[Zenefits]], a fast-growing human resources software startup that offered free HR software by making money on insurance commissions. The company had been valued at $4.5 billion and was considered one of the most promising startups of its generation.

However, Zenefits soon ran into serious problems. The company had been selling insurance in multiple states without proper licenses, leading to regulatory investigations and potential legal liability. Additionally, the company's aggressive growth had outpaced its ability to deliver on promises to customers, leading to mounting complaints and financial underperformance.<ref name="zenefits_crisis">{{cite web|title=Zenefits Regulatory Crisis|url=https://www.buzzfeed.com/williamalden/zenefits-struggles|publisher=BuzzFeed|date=2016-02}}</ref>

=== Controversial CEO tenure ===

In January 2016, Zenefits' board asked Sacks to step in as interim CEO amid the mounting regulatory issues and financial underperformance. The outgoing CEO, founder Parker Conrad, was forced out. Conrad later said he was "unfairly forced out" and likened Sacks's actions to a "coup." [[Y Combinator]] co-founder [[Paul Graham]] added that Sacks's behavior was "the worst case of an investor maltreating a founder that I've ever heard, and I've heard practically all of them."<ref name="zenefits_coup">{{cite web|title=Zenefits Founder Ouster|url=https://www.businessinsider.com/zenefits-ceo-parker-conrad-fires-back-2016-2|publisher=Business Insider|date=2016-02}}</ref>

Despite the controversial circumstances of his appointment, Sacks received praise for stabilizing the company. Over the next year, he negotiated settlements with insurance regulators across the United States, revamped Zenefits' product line with an initiative he named "Z2," and introduced a proper SaaS business model. ''PC Magazine'' noted that Zenefits had become "the best HR software on the market," though ''BuzzFeed'' reported the company was still losing over $200 million annually.

After just 10 months as CEO, Sacks was succeeded by former Ooyala CEO Jay Fulcher. While his tenure was brief, it demonstrated his ability to take charge in crisis situations—though the circumstances of his takeover remained controversial.

== Craft Ventures ==

=== Founding and growth ===

In late 2017, Sacks co-founded [[Craft Ventures]], a venture capital firm focused on early-stage technology investments. The firm raised an initial fund of $350 million, drawing on Sacks's reputation as a successful entrepreneur and investor. Craft Ventures distinguished itself through Sacks's hands-on approach to portfolio companies, drawing on his operational experience at PayPal, Yammer, and Zenefits.<ref name="craft_founding">{{cite web|title=Craft Ventures Launch|url=https://techcrunch.com/2017/11/27/david-sacks-has-raised-a-new-350-million-fund-craft-ventures/|publisher=TechCrunch|date=2017-11-27}}</ref>

The firm grew rapidly:

* '''2019''': Raised a $500 million fund
* '''2021''': Announced two new funds totaling $1.3 billion, bringing total assets under management to $2 billion
* '''2023''': Announced Ventures IV and Growth II totaling $1.3 billion, bringing total assets under management to $3.3 billion

Craft Ventures' investments span enterprise software, fintech, cryptocurrency, and other technology sectors. The firm has backed companies including Bird (scooters), Gumroad, and various cryptocurrency and blockchain companies.

=== Angel investments ===

Beyond Craft Ventures, Sacks has made personal angel investments in numerous successful companies, including:

* [[Facebook]]
* [[Uber]]
* [[SpaceX]]
* [[Palantir Technologies]]
* [[Airbnb]]

These early-stage investments in what became some of the most valuable technology companies of the 2010s generated substantial returns and cemented Sacks's reputation as a skilled investor with an eye for transformative companies.<ref name="angel_investments">{{cite web|title=David Sacks Investments|url=https://www.crunchbase.com/person/david-sacks|publisher=Crunchbase}}</ref>

=== Callin and Glue ===

In 2021, Sacks launched [[Callin]], a podcast platform that raised $12 million in Series A funding. The platform was designed to enable live, interactive podcasting. In 2023, Callin was acquired by [[Rumble (website)|Rumble]], a video platform popular with conservative audiences.

Also in 2021, Sacks and former Craft Ventures colleague Evan Owen co-founded Glue, a workspace chat company. Glue's product is an AI tool that can be invoked from specific chats on platforms like [[Google Meet]] and [[Zoom Video Communications|Zoom]], allowing employees to get AI assistance during conversations. The product was launched to the public in May 2024.

== All-In Podcast ==

=== Launch and format ===

In 2021, Sacks became a co-host of the ''[[All-In (podcast)|All-In]]'' podcast alongside [[Chamath Palihapitiya]], [[Jason Calacanis]], and David Friedberg. The weekly podcast features the four hosts—who refer to themselves as "the besties"—discussing technology, economics, politics, and current events from the perspective of Silicon Valley insiders. The podcast describes itself as featuring "industry veterans, degenerate gamblers & besties" covering "all things economic, tech, political, social & poker."<ref name="all_in_podcast">{{cite web|title=All-In Podcast|url=https://www.allinpodcast.co/|publisher=All-In Podcast}}</ref>

=== Popularity and influence ===

The podcast quickly became one of the most popular business and technology shows in the United States, consistently ranking among the top podcasts on various platforms. Its success reflected both the hosts' industry credibility and growing audience interest in alternative media perspectives that differ from mainstream business journalism.

As ''The New York Times'' noted in a 2024 profile, "Over the last few years, Mr. Sacks, a longtime associate of Elon Musk and Peter Thiel, has transformed from a prominent Silicon Valley executive into an unlikely media celebrity for would-be entrepreneurs, especially those leaning right, who listen to his popular All-In podcast."

The podcast has also become a significant political platform. Sacks used it to articulate his positions on issues ranging from technology regulation to foreign policy, gaining a substantial audience for views that often diverge from Silicon Valley's traditionally liberal consensus.

The All-In Summit, an annual conference launched in 2022, has become a major event attracting thousands of attendees and high-profile speakers.

=== Departure ===

In late 2024, following his appointment as White House AI and Crypto Czar, Sacks stepped back from his co-hosting role on the All-In podcast to focus on his government responsibilities, though he has made occasional appearances.

== Political activities ==

=== Political evolution ===

Sacks's political views have evolved over the years. According to [[Federal Election Commission]] records:

* '''2012''': Donated $50,000 to Republican [[Mitt Romney]]'s presidential campaign
* '''2016''': Donated nearly $70,000 to Democrat [[Hillary Clinton]]'s presidential campaign
* '''2022''': Gave over $1 million to Senate candidates, primarily Republicans including [[JD Vance]] and [[Blake Masters]]
* '''2023-2024''': Became a prominent Trump supporter<ref name="political_donations">{{cite web|title=David Sacks Political Donations|url=https://www.opensecrets.org/donor-lookup/results?name=david+sacks|publisher=OpenSecrets}}</ref>

=== Support for Republican candidates ===

In the 2022 [[San Francisco Board of Education]] recall elections, Sacks gave one of the largest contributions to support the recall of progressive school board members. He also sponsored a spring 2022 fundraiser for GOP senate candidates including JD Vance and Blake Masters alongside his former PayPal colleague Keith Rabois.

On May 24, 2023, Sacks moderated when [[Ron DeSantis]] announced his 2024 presidential campaign on [[Twitter Spaces]]. He praised DeSantis and donated $50,000 to his campaign. Later in June 2023, Sacks hosted a $10,000-per-plate fundraiser for [[Robert F. Kennedy Jr.]]

In June 2024, Sacks hosted a campaign fundraiser for [[Donald Trump]] at his Pacific Heights home, raising approximately $12 million. Tickets ranged from $50,000 to $300,000 per person. He subsequently spoke at the [[2024 Republican National Convention]] and voted for Trump in the 2024 presidential election.<ref name="trump_fundraiser">{{cite web|title=David Sacks Trump Fundraiser|url=https://www.nytimes.com/2024/06/06/technology/david-sacks-trump-fundraiser.html|publisher=New York Times|date=2024-06-06}}</ref>

=== Cryptocurrency advocacy ===

Sacks is credited with helping to reverse Trump's stance on [[cryptocurrency]]. Trump had previously called crypto a "scam," but after discussions with Sacks and other tech supporters, the [[Republican Party (United States)|Republican Party]] made support for cryptocurrency a top priority in the 2024 election. This policy shift helped attract substantial donations from the cryptocurrency industry to Trump's campaign.

=== Views on Ukraine ===

Since October 2022, Sacks has been a vocal critic of U.S. involvement in the [[Russian invasion of Ukraine]], opposing military assistance for Ukraine. His position, often articulated on the All-In podcast and social media, has generated significant controversy. During the 2024 Republican National Convention, Sacks stated that the United States had "provoked" Russia to invade Ukraine. Reports that delegates booed him for these remarks were denied by Sacks.<ref name="ukraine_views">{{cite web|title=Sacks Ukraine Comments|url=https://www.washingtonpost.com/politics/2024/07/18/david-sacks-rnc-ukraine/|publisher=Washington Post|date=2024-07-18}}</ref>

Critics have accused Sacks of echoing [[Russian government]] talking points, while supporters argue that he is advocating for a realistic assessment of American interests and the risks of escalation.

=== Silicon Valley Bank ===

Following the collapse of [[Silicon Valley Bank]] in March 2023, Sacks advocated urgently for government action to prevent the bank run from spreading to other regional banks. He was vocal on social media and the All-In podcast about the need for federal intervention to protect depositors, a position that some critics viewed as self-interested given Craft Ventures' portfolio companies' exposure to the bank.<ref name="svb">{{cite web|title=Sacks on SVB Collapse|url=https://fortune.com/2023/03/13/david-sacks-silicon-valley-bank-bailout/|publisher=Fortune|date=2023-03-13}}</ref>

== White House AI and Crypto Czar ==

=== Appointment ===

On December 5, 2024, President-elect Donald Trump announced that David Sacks would serve as the "White House AI & Crypto Czar" in the incoming administration. The newly created position was described as focusing on making America "the clear global leader" in both artificial intelligence and cryptocurrency. Trump stated that Sacks would "safeguard Free Speech online, and steer us away from Big Tech bias and censorship" and would "work on a legal framework so the crypto industry has the clarity it has been asking for."<ref name="czar_appointment">{{cite web|title=Trump Announces Sacks Appointment|url=https://www.presidency.ucsb.edu/documents/statement-president-elect-donald-j-trump-announcing-the-appointment-david-o-sacks-white|publisher=American Presidency Project|date=2024-12-05}}</ref>

Trump also named Sacks to lead the [[President's Council of Advisors on Science and Technology]] (PCAST), expanding his portfolio to include broader science and technology policy.

=== Special government employee status ===

According to [[Bloomberg News]], Sacks serves as a "special government employee," a status that allows him to work for the government for a maximum of 130 days per year, with or without compensation. This status exempts him from Senate confirmation hearings and from specific financial disclosure requirements that would apply to full-time government employees.

Before taking office, Sacks and Craft Ventures sold their direct cryptocurrency holdings to mitigate potential conflicts of interest, while maintaining investments in cryptocurrency startups. Critics have argued that this arrangement does not adequately address potential conflicts, given Craft Ventures' extensive investments in companies that could be affected by the policies Sacks helps develop.<ref name="conflict_concerns">{{cite web|title=Sacks Conflict of Interest Concerns|url=https://sfist.com/2025/12/01/trumps-sf-ai-and-crypto-czar-david-sacks-apparently-enriching-himself-and-his-friends-in-white-house-role/|publisher=SFist|date=2025-12-01}}</ref>

=== Crypto Ball and policy implementation ===

Following Trump's inauguration, Sacks attended a "Crypto Ball" where he declared that "the war on crypto is over," signaling the administration's intention to pursue a more permissive regulatory approach to the cryptocurrency industry. The statement reflected the dramatic shift in federal policy that Sacks had helped engineer through his advocacy and political support for Trump.

=== Reactions ===

The appointment generated mixed reactions. The technology community, particularly those with conservative-libertarian leanings, viewed it as an opportunity for less regulation and more innovation in AI and cryptocurrency. [[Sam Altman]] of [[OpenAI]] expressed confidence in the integrity of such appointees.

However, critics raised concerns about potential conflicts of interest due to Sacks's continued involvement in the private sector. The lack of Senate confirmation and full financial disclosure requirements led to debates about transparency and accountability. ''[[The New Republic]]'' characterized Sacks as "using his wealth and online clout to unite conservatives and former leftists in a reactionary movement against liberalism."

== Personal life ==

=== Marriage and family ===

On July 7, 2007, Sacks married Jacqueline Tortorice. The couple has three children—two daughters and one son. They live on Broadway in [[Pacific Heights, San Francisco|Pacific Heights]], San Francisco, in an area known as "Billionaire's Row."<ref name="personal_life">{{cite web|title=David Sacks Personal Life|url=https://www.sfgate.com/realestate/article/billionaires-row-pacific-heights-17825839.php|publisher=SF Gate}}</ref>

=== Lifestyle ===

For his 40th birthday in 2012, Sacks rented the [[Fleur de Lys Mansion]] in Los Angeles and threw a [[Marie Antoinette]]-themed party—an event that became notorious in Silicon Valley circles for its opulence and historical irony given Marie Antoinette's association with aristocratic excess preceding the French Revolution.

== Net worth ==

Sacks's net worth is estimated to be in the range of $200 million to $500 million, derived from:

* Proceeds from the PayPal acquisition and IPO
* The $1.2 billion sale of Yammer to Microsoft
* Returns from angel investments in Facebook, Uber, SpaceX, Palantir, and Airbnb
* Carried interest and management fees from Craft Ventures

The exact figure is difficult to determine due to the private nature of his investments and the lack of full financial disclosure in his government role.<ref name="net_worth">{{cite web|title=David Sacks Net Worth|url=https://xabisinc.com/blog/david-sacks-net-worth-from-paypals-first-coo-to-craft-ventures-with-a-200-million-net-worth/|publisher=Xabis Inc}}</ref>

== See also ==

* [[PayPal Mafia]]
* [[Craft Ventures]]
* [[Yammer]]
* [[All-In (podcast)]]
* [[Peter Thiel]]
* [[Chamath Palihapitiya]]

== References ==
{{reflist}}

[[Category:Chief executive officers]]
[[Category:South African emigrants to the United States]]
[[Category:American venture capitalists]]
[[Category:American billionaires]]
[[Category:Stanford University alumni]]
[[Category:University of Chicago Law School alumni]]
[[Category:PayPal people]]
[[Category:1972 births]]
[[Category:Living people]]
[[Category:People from Cape Town]]
[[Category:Trump administration personnel]]
[[Category:American political commentators]]
[[Category:Jewish American businesspeople]]
[[Category:Podcast hosts]]
[[Category:Film producers]]
[[Category:Silicon Valley people]]
[[Category:California Republicans]]