David Sacks is a prominent Jewish-American entrepreneur, investor, and technology strategist. His extensive experience in the tech industry and early advocacy for cryptocurrencies positions him to shape policies in two of the most dynamic and evolving fields: artificial intelligence (AI) and blockchain technology.

David Sacks was born to a Jewish family in Cape Town, South Africa, on May 25, 1972. At age five, his family relocated to the United States, settling in Memphis, Tennessee. Sacks was inspired by his entrepreneurial grandfather, who founded a candy factory, though he initially pursued academic interests over business ventures. He attended Memphis University School before earning a Bachelor of Arts in Economics from Stanford University in 1994. He obtained a Juris Doctor from the University of Chicago Law School in 1998.

Sacks began his career in the burgeoning tech industry at Confinity in 1999, later renamed PayPal. As the first product leader and, subsequently, Chief Operating Officer, he played a pivotal role in transforming PayPal into a global leader in online payments. His efforts included redefining the product to facilitate web-based money transfers and developing the business model that helped PayPal achieve its early success. The company’s 2002 IPO marked a significant milestone, with Sacks emerging as a key member of the “PayPal Mafia,” a group of alumni who have become influential figures in Silicon Valley.

In 2008, Sacks founded Yammer, an enterprise social networking platform that applied consumer-style growth strategies to business software. Under his leadership as CEO, Yammer grew to more than eight million enterprise users before being acquired by Microsoft in 2012 for $1.2 billion. This exit cemented Sacks’ reputation as a visionary entrepreneur.

Sacks co-founded Craft Ventures, a venture capital firm specializing in technology investments, with assets under management reaching $3.3 billion by 2023. Through Craft, he has invested in numerous high-profile companies, including Airbnb, SpaceX, Reddit, and Uber. He is also a co-host of the “All-In” podcast, where he discusses issues at the intersection of technology, politics, and economics.

An early adopter of Bitcoin, Sacks has long advocated for the transformative potential of decentralized finance. He believes that digital currencies offer an alternative to fiat systems, reducing the risks of currency debasement associated with excessive government control.

On December 5, 2024, President-elect Donald Trump nominated Sacks as the “White House AI & Crypto Czar” (working title), a new government role. In this role, Sacks will develop a regulatory framework to foster innovation in AI and cryptocurrencies while safeguarding critical national interests. His focus on regulating the application of AI rather than its development reflects a balanced approach to promoting competitiveness in the tech sector. Additionally, Sacks is expected to chair the White House Advisory Council on Science and Technology, further cementing his influence on U.S. policy in emerging technologies.

Sources: “David Sacks,” AAE Speakers.
“David Sacks,” Craft Ventures.
“David O. Sacks,” Independent Institute.
Vivian Nguyen, Who is David Sacks? Trump’s pick for White House AI and Crypto Czar is a Bitcoin holder, Crypto Briefing, (December 5, 2024).
@realDonaldTrump, (December 5, 2024).
“Trump names former PayPal COO David Sacks as White House ‘AI and crypto czar,’” Times of Israel, (December 6, 2024).

Photo: Robert Scoble from Half Moon Bay, California, USA, CC BY 2.0, via Wikimedia Commons.