David Sacks Net Worth
$1.5 Million
David Sacks net worth is estimated at $1.5 Million. He is an entrepreneur and investor in technology. In his role as COO, his strategic skills enabled PayPal to grow. Sacks co-founded Craft Ventures, a prominent venture capital firm with investments in Sourcegraph, ClickUp, and OpenPhone. Sacks co-hosts the “All-In” podcast, which discusses politics, entrepreneurship, technology, economics, and venture capital. Sacks’s many publications have an impact on finance, entrepreneurship, and technology.
David Sacks Net Worth
David Sacks net worth is estimated in 2024 at $1.5 Million, demonstrating his many achievements. His pivotal contributions extend beyond personal wealth, as he has been instrumental in nurturing promising startups, and catalyzing innovation. Notably, Sacks held the influential position of COO at PayPal, a groundbreaking entity in online payment systems. His career showcases entrepreneurial acumen, evident in ventures like Geni.com, Yammer, and co-founding Craft Ventures.
| Net worth | $1.5 billion |
| Salary | $170 million per month |
| Source of income | Businesses and Investments |
| Profession | Entrepreneur, Author, and tech investor |
Profile Summary
| 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, into a Jewish family, began his transformative entrepreneurial journey. At five, his family moved to Tennessee, where his grandfather’s candy factory founder role greatly influenced him. Despite this familial inspiration, Sacks initially hesitated about embracing entrepreneurship himself.
His passion for technology ignited during his pursuit of a Bachelor’s in Economics at Stanford University in 1994. This sparked Sacks’ passion for technology, guiding him towards an IT career directly after graduating.
Early in his career, Sacks honed his skills at Microsoft, gaining invaluable expertise as a software engineer. His tenure at these firms established his reputation as a skilled professional adept at navigating intricate technological challenges.
In 1998, Sacks earned a J.D. from the University of Chicago Law School, but opted not to pursue law. Instead, he remained firmly rooted in the technology industry, where his growth and contributions have been significant and wide-ranging.
David Sacks Career
PayPal
In 1999, Sacks transitioned from a management consultant at McKinsey & Company to join PayPal, co-founded by Levchin and Thiel. As COO, Sacks significantly influenced PayPal’s direction, managing team development, product, sales, marketing, and global expansion.
PayPal’s IPO in February 2002, amidst the aftermath of the September 11 attacks, was a landmark moment for the company. Despite economic challenges, PayPal’s IPO soared over 54% on its first trading day, symbolizing resilience in uncertain times.
In October 2002, eBay’s $1.5 billion acquisition of PayPal affirmed its e-commerce significance and boosted Sacks’ industry status.
Sacks’ connection to the influential “PayPal Mafia,” early pioneers who founded successful tech ventures, highlights his industry influence. This collective played a pivotal role in shaping Web 2.0 and revitalizing consumer-focused internet companies post-dot-com bubble.
Post-PayPal acquisition, Sacks ventured into film production, founding Room 9 Entertainment. His notable productions include “Thank You for Smoking” and involvement in the 2023 film “Dalíland,” showcasing his diverse talents.
Geni.com
In 2006, Sacks founded Geni.com, an innovative genealogy website, marking another entrepreneurial venture in his career.
Expanding on his achievements, Sacks collaborated with Adam Pisoni in 2008 to transform Geni’s internal tool into Yammer. This platform revolutionized workplace communication, offering organizations a more efficient and cohesive way to collaborate.
Meanwhile, Sacks continued to steer Geni towards prosperity until its acquisition by MyHeritage in 2012, marking another triumph in Sacks’ entrepreneurial journey. These ventures highlight Sacks’ adaptability and creativity across different sectors of the tech industry, further cementing his reputation as a forward-thinking leader.
Yammer
In 2008, Yammer disrupted the industry by introducing the first-ever Enterprise Social Network, providing a secure platform for internal corporate communication and collaboration. Its innovative approach garnered widespread acclaim, earning the prestigious grand prize at the TechCrunch50 conference. Leveraging a viral growth strategy, Yammer quickly emerged as one of the fastest-growing Software-as-a-Service (SaaS) companies in history, attracting over eight million enterprise users in just four years, as reported by Social Capital. This remarkable success drew substantial investment, with renowned venture capital firms such as Charles River Ventures, Founders Fund, Emergence Capital Partners, and Goldcrest Investments contributing approximately US$142 million. Recognizing its immense potential, Microsoft strategically acquired Yammer in July 2012 for an astounding $1.2 billion, solidifying its position as a cornerstone of its cloud and social strategy.
Zenefits
In December 2014, David Sacks made a significant investment in Zenefits, eventually stepping into a leadership role within the company. When Zenefits faced a regulatory crisis related to licensing compliance in January 2016, Sacks was appointed interim CEO by the board. He adeptly navigated the company through these challenges, engaging in negotiations with insurance regulators nationwide. Sacks initiated a comprehensive overhaul of Zenefits’ product line, introducing the “Z2” model, which transitioned to a Software as a Service (SaaS) business model. Despite accolades for this strategic move, reports surfaced of substantial financial losses exceeding $200 million annually. Sacks’ tenure as CEO concluded after a brief 10-month period, succeeded by Jay Fulcher. While his leadership was marked by achievements and strategic initiatives, the challenges faced by Zenefits under his helm underscore the complexities of navigating a rapidly evolving industry landscape.
Angel Investments
With over two decades of experience in technology investment, David Sacks has firmly established himself as a prominent figure in the realm of angel investing. His expansive portfolio reflects a diverse array of successful ventures, including notable names such as Addepar, Affirm, Airbnb, and SpaceX, among others. Sacks’ track record highlights his astute judgment and discerning eye for identifying promising startups within the tech sector. His involvement in a wide range of innovative companies underscores his commitment to supporting and nurturing entrepreneurial talent, contributing significantly to the advancement of the technology landscape.
Craft Ventures
In late 2017, David Sacks embarked on a fresh venture by co-founding Craft Ventures, successfully securing an initial fund of $350 million. This marked the commencement of an impressive journey for Craft Ventures, characterized by substantial growth and success in the subsequent years. By 2021, the firm had garnered an astounding $1.1 billion in funding, elevating its total assets under management to an impressive $2 billion, as outlined in a Medium post penned by the company. Notable additions to Craft Ventures’ portfolio include a multitude of unicorns from both its initial and subsequent funds, including Bird, BitGo, ClickUp, Pipe, Reddit, SourceGraph, and SpaceX. This exemplifies Craft Ventures’ prowess in identifying and nurturing high-potential startups that have attained unicorn status, firmly establishing its stature as a prominent entity in the venture capital domain.
Political View
David Sacks is a prominent figure in Silicon Valley, known for his entrepreneurial achievements and significant contributions to the tech industry. While he doesn’t overtly express his political views publicly, his professional endeavors and affiliations provide insights into potential leanings.
Tech Libertarianism
Sacks is associated with the libertarian ethos often found in Silicon Valley. This perspective advocates for minimal government intervention in economic affairs and emphasizes individual liberties, particularly in technology and innovation. His co-founding role in PayPal, a company that disrupted traditional banking, aligns with this worldview, suggesting a commitment to fostering a more open and decentralized economic landscape.
Anti-Regulation Stance
Sacks has spoken out against government regulations that hinder startups and tech firms. He believes in streamlining bureaucratic processes to create an environment conducive to innovation. By advocating for reduced regulatory burdens, he aims to support entrepreneurial ventures and promote economic growth.
Conservative Leanings
While not explicitly aligning with a political party, Sacks has shown support for conservative causes and figures. He publicly supported Donald Trump during the 2016 campaign, indicating a resonance with certain conservative values and policies. Despite engaging across the political spectrum, his actions suggest a propensity for aspects of conservative ideology and governance.
Critique of Silicon Valley Culture
Despite his involvement in the tech industry, Sacks has criticized aspects of Silicon Valley culture, such as its perceived lack of diversity of thought. This critique reflects a willingness to challenge prevailing liberal ideologies and promote a more inclusive environment where differing viewpoints are welcomed.
Engagement in Political Discourse
Sacks actively participates in public debates on various socio-political topics, including immigration and freedom of speech. His engagement highlights a commitment to shaping public opinion and contributing to political discourse. While his specific political views may not be explicitly stated, his actions suggest a nuanced approach to complex political issues.
Achievements and Recognition
- David Sacks was honored in 2012 by the San Francisco Business Times in their 40 Under 40 list, recognizing his outstanding achievements in the business world at a young age.
- In 2011, Sacks received the Workforce Management Game Changers Award for his innovative approach to workforce management practices, earning praise from industry peers.
- Also in 2011, Sacks was named among Bay Area’s Most Admired CEOs by the San Francisco Business Times, underscoring his reputation as a respected leader in the local business community.
Personal Life
David Sacks leads a fulfilling personal life centered around family, philanthropy, and community engagement. Married to Jacqueline Tortorice, also a notable entrepreneur and investor, they raise three children in San Francisco, epitomizing the balance between family and professional pursuits. Despite maintaining a private stance on personal matters, the enduring strength of their relationship highlights Sacks’ unwavering commitment to family values.
Beyond his familial roles, Sacks is a passionate advocate for education and philanthropy. He co-founded Code for America, a non-profit organization leveraging technology for societal improvement, showcasing his dedication to using his expertise for the greater good. Moreover, his active involvement on the board of directors of the Los Angeles County Museum of Art underscores his support for the arts and his efforts to nurture cultural growth within the community. Through these endeavors, Sacks actively contributes to societal advancement while championing causes he holds dear 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)
David Sucks On Social Media
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| YouTube | 395k Subscribers | Follow Now |
Frequently Asked Questions
What is David Sacks’ estimated net worth?
As of 2023, David Sacks’ estimated net worth is approximately $2 billion.
What is David Sacks known for?
David Sacks is renowned as a tech entrepreneur, investor, and co-founder of Craft Ventures. He notably served as the former COO of PayPal and CEO of Yammer.
What are some of David Sacks’ notable investments?
Sacks has made significant investments in a myriad of technology companies throughout his career, including Addepar, Airbnb, Facebook, SpaceX, Slack, and Uber, among others.
What is David Sacks’ educational background?
David Sacks holds a Bachelor of Arts degree in Economics from Stanford University and a Juris Doctor degree from the University of Chicago Law School.
What are David Sacks’ political views?
While David Sacks’ specific political views may not be explicitly defined, his professional engagements and affiliations suggest a general affinity towards libertarian principles, coupled with occasional alignment with conservative viewpoints on certain issues.
Where does David Sacks reside?
David Sacks resides in San Francisco, California, alongside his wife Jacqueline Tortorice, and their three children.
Conclusion
In summary, David Sacks stands out as a dynamic individual whose career spans various sectors, showcasing his entrepreneurial flair, investment acumen, and commitment to philanthropy. From his pivotal role as PayPal’s COO to his forays into film production, genealogy, and enterprise communication platforms, Sacks has consistently demonstrated a keen eye for innovation and strategic leadership. His tenure at Zenefits and the founding of Craft Ventures further underscore his significant impact on shaping the tech and venture capital landscapes.
Beyond his professional achievements, Sacks prioritizes his family, community, and societal welfare, evident through his philanthropic initiatives and advocacy efforts. While Sacks maintains a degree of privacy regarding his political views, his actions imply an amalgamation of libertarian principles and occasional alignment with conservative perspectives. Ultimately, David Sacks’ journey epitomizes a relentless pursuit of excellence, innovation, and societal betterment, solidifying his legacy as a trailblazer in technology, entrepreneurship, and broader societal advancement.
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