David Sacks’ net worth is estimated at $1.5 million. He is both an entrepreneur and a technology investor. In his job as COO, his strategic abilities helped PayPal flourish. Sacks co-founded Craft Ventures, a well-known venture capital firm that has invested in Sourcegraph, ClickUp, and OpenPhone. Sacks co-hosts the “All-In” podcast, which focuses on politics, entrepreneurship, technology, economics, and venture capital. Sacks’ many works have influenced banking, entrepreneurship, and technology.
David Sacks Net Worth
David Sacks’ net worth is expected to be $1.5 million by 2024, showcasing his numerous accomplishments. His important achievements go beyond personal fortune; he has been essential in developing potential firms and stimulating innovation. Notably, Sacks was the key COO of PayPal, a pioneer in online payment systems. His career demonstrates entrepreneurial aptitude, as seen by enterprises such as Geni.com, and Yammer, and co-founding Craft enterprises.
| Detail | Information |
|---|---|
| Net worth | $1.5 billion |
| Salary | $170 million per month |
| Source of income | Businesses and Investments |
| Profession | Entrepreneur, Author, and tech investor |
Profile Summary
| Detail | Information |
|---|---|
| Full Name | David Oliver Sacks. |
| Nick Name | David O. Sacks. |
| Date of Birth | May 25, 1972. |
| Birth Place | Cape Town, South Africa. |
| Age | 51 years. |
| Zodiac Sign | Gemini. |
| Nationality | South African, American. |
| Religion | Jewish. |
| Famous For | Former CEO of Zenefits, former COO of PayPal, and CEO of Yammer. |
| Profession | American Entrepreneur, Investor, and Tech Executive. |
| Alma Mater | Memphis University School. |
| Qualification | B.A. in Economics from Stanford University, and a J.D. from the University of Chicago. |
| Height | 6 Feet 1 Inch (approx). |
| Weight | 70 Kg (approx). |
| Marital Status | Married. |
| Spouse | Jacqueline Tortorice (m. 2007). |
| Children | Two Daughters and One Son. |
Early Life and Education
David Sacks, born in 1972 in Cape Town, South Africa, to a Jewish family, began his transforming entrepreneurial adventure. His family relocated to Tennessee when he was five years old, and his grandfather’s work as a candy business creator had a significant impact on him. Despite this familial influence, Sacks was first hesitant to pursue entrepreneurship himself.
In 1994, while pursuing a Bachelor’s degree in Economics at Stanford University, he developed a strong interest in technology. This ignited Sacks’ interest in technology, and he pursued an IT job immediately after graduation.
Sacks began his career with Microsoft, where he polished his skills as a software developer. His time at these organizations cemented his image as a skilled professional capable of overcoming complex technology hurdles.
Sacks received his J.D. from the University of Chicago Law School in 1998 but did not pursue a legal career. Instead, he remained firmly planted in the technology industry, where he has made major and diverse contributions.
David Sacks Career: PayPal
Sacks left McKinsey & Company in 1999 to work for PayPal, which Levchin and Thiel co-founded. As COO, Sacks had a substantial impact on PayPal’s future, directing team growth, product, sales, marketing, and global expansion.
PayPal’s IPO in February 2002, following the September 11 attacks, was a watershed moment for the corporation. Despite economic concerns, PayPal’s initial public offering (IPO) rose over 54% on its first trading day, demonstrating tenacity in unpredictable times.
eBay’s $1.5 billion acquisition of PayPal in October 2002 solidified its e-commerce dominance and elevated Sacks’ industry position.
Sacks’ affiliation with the prominent “PayPal Mafia,” early pioneers who created successful tech firms, demonstrates his industry significance. This group was instrumental in developing Web 2.0 and rejuvenating consumer-oriented online enterprises following the dot-com bubble.
Following the acquisition of PayPal, Sacks started Room 9 Entertainment, a film production company. His major productions include “Thank You for Smoking” and participation in the 2023 film “Dalíland,” demonstrating his numerous talents.
Geni.com
Sacks launched Geni.com, an innovative genealogy website, in 2006, marking yet another foray into entrepreneurship.
Building on his accomplishments, Sacks worked with Adam Pisoni in 2008 to convert Geni’s internal technology into Yammer. This technology transformed workplace communication, giving firms a more efficient and unified method to interact.
Meanwhile, Sacks continued to drive Geni to success until it was acquired by MyHeritage in 2012, marking another milestone in Sacks’ entrepreneurial career. These businesses demonstrate Sacks’ adaptability and ingenuity across various sectors of the computer industry, reinforcing his image as a visionary leader.
Yammer
Yammer disrupted the business in 2008 by offering the first Enterprise Social Network, which provided a secure platform for internal company communication and collaboration. Its creative strategy earned it great accolades, including the renowned grand prize at the TechCrunch50 conference. Using a viral growth approach, Yammer soon became one of the fastest-growing Software-as-a-Service (SaaS) firms in history, garnering over eight million enterprise users in just four years, according to Social Capital. This amazing accomplishment prompted significant investment from notable venture capital firms such as Charles River Ventures, Founders Fund, Emergence Capital Partners, and Goldcrest Investments, who contributed around US$142 million. Recognizing Yammer’s enormous potential, Microsoft strategically purchased it in July 2012 for an incredible $1.2 billion, cementing its place as a cornerstone of its cloud and social strategy.
Zenefits
David Sacks invested heavily in Zenefits in December 2014, eventually rising to the company’s leadership. In January 2016, Zenefits faced a regulatory issue linked to license compliance, thus the board selected Sacks as interim CEO. He expertly guided the company through these obstacles, negotiating with insurance regulators around the country. Sacks launched a complete redesign of Zenefits’ product line, establishing the “Z2” model, which shifted to a Software as a Service (SaaS) business model. Despite accolades for this strategic approach, reports of significant financial losses reached $200 million per year. Sacks’ 10-month time as CEO ended, and Jay Fulcher took over. While his leadership was defined by accomplishments and strategic objectives, Zenefits’ challenges under his direction highlight the complexities of navigating a constantly changing industry landscape.
Angel Investments
With almost two decades of experience in technology investment, David Sacks has established himself as a major figure in the world of angel investing. His wide portfolio includes profitable enterprises such as Addepar, Affirm, Airbnb, and SpaceX, among others. Sacks’ track record demonstrates his acute judgment and a keen eye for discovering new firms in the tech industry. His involvement in a diverse spectrum of innovative enterprises demonstrates his commitment to supporting and cultivating entrepreneurial potential, thereby significantly contributing to the growth of the technology environment.
Craft Ventures
David Sacks launched a new business in late 2017 by co-founding Craft Ventures, which raised $350 million in its first round. This marked the start of an extraordinary journey for Craft Ventures, which would be defined by significant expansion and success in the coming years. By 2021, the firm had raised an incredible $1.1 billion in investment, bringing its total assets under management to an impressive $2 billion, according to the company’s Medium article. Craft Ventures’ portfolio now includes numerous unicorns from its inaugural and later rounds, including Bird, BitGo, ClickUp, Pipe, Reddit, SourceGraph, and SpaceX. This demonstrates Craft Ventures’ ability to find and nurture high-potential firms that have achieved unicorn status, cementing its position as a key company in the venture capital arena.
Political View
David Sacks is a well-known figure in Silicon Valley for his entrepreneurial achievements and substantial contributions to the technology industry. While he does not openly proclaim his political beliefs, his career efforts and affiliations reveal prospective leanings.
Tech Libertarianism
Sacks is associated with the libertarian mentality prevalent in Silicon Valley. This viewpoint advocates for less government engagement in economic concerns while emphasizing individual liberty, particularly in technology and innovation. His co-founding participation in PayPal, a startup that disrupted traditional banking, is consistent with this philosophy, implying a desire to promote a more open and decentralized economic landscape.
Anti-Regulation Stance
Sacks has spoken out against government policies that stifle startups and technology companies. He believes that simplifying bureaucratic processes will create an environment receptive to creativity. He hopes to encourage entrepreneurship and economic growth by fighting for decreased regulatory burdens.
Conservative Leanings
While not directly aligned with a political party, Sacks has expressed support for conservative causes and individuals. During the 2016 presidential race, he actively endorsed Donald Trump, showing that he shared some conservative ideals and policies. Despite his involvement across the political spectrum, his actions indicate a preference for parts of conservative thought and government.
Critique of Silicon Valley Culture
Despite his engagement in the technology industry, Sacks has criticized Silicon Valley culture, citing a perceived lack of diversity of thinking. This critique demonstrates a readiness to challenge dominant liberal ideals and encourage a more inclusive atmosphere in which opposing viewpoints are welcome.
Engagement in Political Discourse
Sacks frequently participates in public debates on a variety of socio-political issues, including immigration and free speech. His participation demonstrates a desire to shape public opinion and contribute to political discourse. While his exact political beliefs may not be openly articulated, his actions indicate a nuanced approach to difficult political matters.
Achievements and Recognition
- In 2012, the San Francisco Business Times included David Sacks in their 40 Under 40 list, highlighting his excellent achievements in business at such a young age.
- Sacks received the Workforce Management Game Changers Award in 2011 for his unique approach to workforce management methods, which was praised by industry peers.
- In 2011, the San Francisco Business Times named Sacks one of the Bay Area’s Most Admired CEOs, highlighting his status as a recognized leader in the local business community.
Personal Life
David Sacks lives a satisfying personal life that revolves around family, philanthropy, and community involvement. Married to Jacqueline Tortorice, a well-known entrepreneur and investor, they have three children in San Francisco and embody the ideal mix of family and career endeavors. Despite maintaining a quiet stance on personal affairs, the longevity of their partnership demonstrates Sacks’ persistent dedication to family values.
In addition to his familial obligations, Sacks is a strong supporter of education and charities. He co-founded Code for America, a non-profit organization that uses technology to better society, demonstrating his commitment to using his talents for good. Furthermore, his active participation on the board of directors of the Los Angeles County Museum of Art demonstrates his commitment to the arts and his attempts to promote cultural progress in the city. Through these initiatives, Sacks actively contributes to societal progress while supporting topics close to his heart.
David Sacks Famous Quotes
After PayPal, I never thought I would be interested in payments again. But Bitcoin is fulfilling PayPal’s original vision to create a new world currency.
(David Sacks)
Money is being made programmable. It’s a radical change with implications we can barely see yet.
(David-Sacks)
Finding outliers, things that don’t fit neatly into patterns, is another form of feedback.
(David-Sacks)
In its purest form, currency is faith.
(David Sacks)
Zenefits has made mistakes, but it has never lost its product-market fit.
(David Sacks)
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Frequently Asked Questions
Q: What is David Sacks’ estimated net worth?
David Sacks’ estimated net worth in 2023 is at $2 billion.
Q: What is David Sacks known for?
David Sacks is well-known as a digital entrepreneur, investor, and co-founder of Craft Ventures. He was the former COO of PayPal and CEO of Yammer.
Q: What are some of David Sacks’ most notable investments?
Sacks has made major investments in a wide range of technological businesses throughout the course of his career, including Addepar, Airbnb, Facebook, SpaceX, Slack, and Uber.
Q: What is David Sack’s educational background?
David Sacks earned a Bachelor of Arts in Economics from Stanford University and a Juris Doctor from the University of Chicago Law School.
Q: What is David Sacks’ political viewpoint?
While David Sacks’ particular political beliefs are not explicitly stated, his professional activities and associations indicate a broad liking for libertarian ideas, with occasional agreement with conservative viewpoints on specific subjects.
Q: Where does David Sacks live?
David Sacks lives in San Francisco, California, with his wife, Jacqueline Tortorice, and three children.