Renowned investor and entrepreneur David Sacks has made a significant name for himself in the tech sector and accumulated considerable money. Sacks, who was born on May 25, 1972, was a founding member of Yammer, a corporate social networking site that Microsoft purchased in 2012 for a sum of $1.2 billion.
His significant accomplishments also include his founding COO position at Zenefits and COO positions at PayPal. Sacks has made profitable investments in addition to his business ventures.
David Sacks Net Worth
In 2024, David Sacks will have a $1.5 billion net worth. His business ventures, management positions, and investments in firms like Palantir, SpaceX, Uber, Twitter, Facebook, and many more have contributed to his wealth.
He is an author, investor, and businessman from the United States. He is a general partner and co-founder of the venture capital company Craft Ventures. In addition, he founded and served as CEO of Yammer, is the acting CEO of Zenefits, and was previously PayPal’s COO and product leader.
David Sacks Biography
Born on May 25, 1972, David Oliver Sacks is an American investor, author, and entrepreneur. He is a general partner and co-founder of the venture capital company Craft Ventures. In addition, he founded and served as CEO of Yammer, is the acting CEO of Zenefits, and was previously PayPal’s COO and product leader.
Sacks moved to the US with his family when he was five years old, having been born in Cape Town, South Africa. He went to Stanford University, where he earned his economics degree in 1994, and Memphis University School in Memphis, Tennessee. Following his graduation from Stanford, Sacks was employed by McKinsey & Company as a management consultant.
Sacks began working with PayPal in 1999, where he held the positions of COO and product leader. Sacks led PayPal through eBay’s 2002 acquisition of the company. Sacks started the family tree social networking site Geni.com in 2003. Up until 2008, he was Geni’s CEO.
Sacks joined Microsoft in 2008, where he oversaw Yammer as CEO. Microsoft purchased Yammer in 2012. Sacks was a co-founder of the venture capital company Craft Ventures in 2012. He has made investments in several profitable firms, such as Glossier, Coinbase, and Slack. The author of “The Startup Owner’s Manual” is Sacks as well.
Sacks frequently presents at tech-related conferences and gatherings. In addition, he co-hosts the podcast “All In.” Sacks is a part of the PayPal Mafia, a network of ex-employees of PayPal who have founded or invested in profitable businesses.
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What is David Sacks known for?
Renowned investor and entrepreneur David Sacks is most famous for having founded the business social networking site Yammer. What many people might not be aware of, though, is that Sacks was also a frequent writer and analyst on business and technology-related topics.
Early in the new millennium, Sacks had a well-read blog named “The David Sacks Show,” where he discussed a variety of subjects, including product management, venture capital, and entrepreneurship. An outline of David Sacks’ career and his affiliations with different companies may be seen below:
PayPal: Sacks started his IT career with PayPal as the Chief Operating Officer (COO) of the business. One of the most prosperous software startups of the day, PayPal, was acquired by eBay in 2002 for a sum of $1.5 billion.
Yammer: Following PayPal, Sacks established and led the CEO position at Yammer, an enterprise social network that Microsoft paid $1.2 billion to purchase.
Zenefits: After leaving Yammer, Sacks became the CEO of Zenefits, a cloud-based software as service provider that helps companies handle their human resources.
Craft Ventures: Craft Ventures is a venture capital firm that specializes in making early-stage investments in technology startups. David Sacks co-founded the company in 2017. The company has supported a number of businesses, such as Affirm, Bird, and SpaceX.
The All-In Podcast: David Sacks is well-known for presenting the podcast with Jason Calacanis, Chamath Palihapitiya, and a rotating roster of guests, in addition to his venture capital endeavors.
David Sacks’s Career
Sacks quit his position as a management consultant for McKinsey & Company in 1999 to work for PayPal, an online retailer that Max Levchin and Peter Thiel had co-founded the year before.
In addition to founding many of the company’s essential teams, his roles as COO and product leader at PayPal included overseeing customer support, fraud operations, business development, international operations, product management and design, sales and marketing, and human resources.
In February 2002, PayPal made its first public offering. After the September 11 attacks, it was among the first initial public offerings. On the first day, the stock increased by more than 54%. eBay paid $1.5 billion to acquire PayPal in October of 2002.
A group of PayPal founders and early employees known as the “PayPal Mafia” include Sacks. They went on to start numerous other profitable technological firms. They are frequently acknowledged as the originators of Web 2.0 and the resurgence of consumer-oriented Internet businesses following the 2001 dot com bust.
Through his production firm, Room 9 Entertainment, Sacks produced and financed the film Thank You for Smoking after PayPal was acquired. Salvador Dalí is the subject of the 2023 film Dalíland, which Sacks planned and orchestrated.