David Sacks is one of the most influential and successful figures in the tech industry. He has founded, led, and invested in several billion-dollar companies, such as PayPal, Yammer, Zenefits, and Craft Ventures. His net worth is estimated to be around $2 billion as of 2023, making him one of the richest entrepreneurs and venture capitalists in the world
From PayPal to Yammer: Sacks’ Early Ventures
Sacks was born in Cape Town, South Africa, in 1972, and moved to the US with his family when he was five years old. He graduated from Stanford University with a degree in economics and from the University of Chicago Law School with a JD
He started his career as a management consultant at McKinsey & Company, but soon joined the e-commerce startup PayPal in 1999, where he became the chief operating officer and product leader. He was part of the so-called “PayPal Mafia”, a group of former PayPal employees who went on to create or fund many successful tech companies, such as Facebook, LinkedIn, YouTube, and Tesla
Sacks helped PayPal grow from zero to $3.5 billion in annual payment volume and over $100 million in revenue in 2001. He also oversaw the company’s IPO in 2002 and its acquisition by eBay for $1.5 billion later that year
After leaving PayPal, Sacks pursued his passion for film and produced the movie “Thank You for Smoking”, which won a Golden Globe nomination in 2006. He also founded Geni.com, a genealogy website that later spun off Yammer, a social network for businesses.
Sacks served as the CEO of Yammer from 2008 to 2012, and grew the company to over 5 million users and 200,000 paying customers. In 2012, he sold Yammer to Microsoft for $1.2 billion, making it one of the largest acquisitions in the history of enterprise software.
From Zenefits to Craft Ventures: Sacks’ Current Projects
After the Yammer deal, Sacks became an active angel investor and backed several prominent startups, such as Airbnb, Uber, SpaceX, Palantir, and Coinbase. He also co-founded The Social+Capital Partnership, a venture capital firm that focuses on healthcare, education, and financial services.
In 2013, Sacks joined Zenefits, an HR software platform, as one of the first investors and board members. He later became the interim CEO in 2016, after the founder and former CEO, Parker Conrad, resigned amid regulatory and compliance issues. Sacks led the turnaround of Zenefits and restored its reputation and growth. He stepped down as CEO in 2017, but remained as the chairman of the board.
In 2017, Sacks co-founded Craft Ventures, another venture capital firm that invests in early-stage startups across various sectors, such as e-commerce, fintech, biotech, and crypto. Some of the notable companies in Craft’s portfolio include Bird, OpenAI, Reddit, and SpaceX. Sacks is the general partner and CEO of Craft, and oversees the firm’s strategy and operations.
Sacks is also a co-host of the podcast “All-In”, where he discusses current affairs, politics, business, and technology with his fellow investors and friends, Chamath Palihapitiya, Jason Calacanis, and David Friedberg.
Sacks’ Philanthropy and Impact
Sacks is not only a successful businessman, but also a generous philanthropist. He has donated millions of dollars to various charitable causes, such as education, health, environment, and human rights. He is a board member of the Center for Public Leadership at Harvard Kennedy School, and a supporter of the XPRIZE Foundation, the Thiel Foundation, the Berggruen Institute, and the Founders Pledge.
Sacks has also been recognized for his achievements and influence by several prestigious publications and organizations. He was named one of the “100 Most Influential People in the World” by Time Magazine in 2013, one of the “40 Under 40” by Fortune Magazine in 2011, and one of the “Top 50 People in Tech” by Silicon Valley Insider in 2009.
David Sacks is undoubtedly one of the most remarkable and inspiring tech entrepreneurs of our time. He has created and contributed to some of the most innovative and impactful companies in the world, and has amassed a fortune that reflects his vision and value. His net worth is a testament to his hard work, talent, and passion for solving problems and creating opportunities.