David Sacks | |
---|---|
Born | David Oliver Sacks May 25, 1972 Cape Town, South Africa |
Education | |
Occupation | Tech entrepreneur / investor |
Employer | Craft Ventures |
Known for | Former CEO of Zenefits, former COO of PayPal and CEO of Yammer |
Spouse | Jacqueline Tortorice (m. 2007) |
Children | 3 |
David Oliver Sacks (born May 25, 1972) [1] is an entrepreneur, author and investor in internet technology firms. He serves as the general partner of Craft Ventures, a venture capital fund he co-founded in late 2017. Additionally, he is a cohost of the All In podcast, alongside Chamath Palihapitiya, Jason Calacanis & David Friedberg. [2] Previously, Sacks was the COO and product leader of PayPal, [1] [3] and founder and CEO of Yammer. [4] [5] In 2016, he became interim CEO of Zenefits for 10 months. [6] In 2017, Sacks co-founded Craft Ventures, [7] an early-stage venture fund. His angel investments include Facebook, Uber, SpaceX, Palantir Technologies, and Airbnb. [8] [9] [10]
Sacks was born to a Jewish family in Cape Town, South Africa, and immigrated to Tennessee, United States, with his family when he was five. [11] [12] Though Sacks did not know he wanted to be an entrepreneur, he did not want to work a profession like his father, who was an endocrinologist. He took inspiration from his grandfather, who started a candy factory in the 1920s. [13] Sacks attended Memphis University School in Memphis, Tennessee. He earned his B.A. in economics from Stanford University in 1994 [13] and a J.D. from the University of Chicago Law School in 1998. [14] [15] [16]
In 1999, Sacks left his job as a management consultant for McKinsey & Company to join Max Levchin, Peter Thiel, and Luke Nosek's e-commerce startup Confinity. [17] [18] Later that year, Sacks served as the inaugural product leader of Confinity's milestone product, and corporate successor, PayPal. [18] [19] Upon promotion to Paypal COO, he built many of the company's key teams, and was responsible for product management and design, sales and marketing, business development, international, customer service, fraud operations, and human resources functions. [18] [20] PayPal had their initial public offering in February 2002. It was one of the first IPOs after the September 11 attacks. The stock rose more than 54% on the first day. [21] In October 2002, eBay acquired PayPal for $1.5 billion. [22]
Sacks is a member of the so-called "PayPal Mafia", a group of founders and early employees of PayPal who went on to find a series of other successful technology companies. They are often credited with inspiring Web 2.0 and the re-emergence of consumer-focused Internet companies after the dot com bust of 2001. [23] [24]
Following PayPal's acquisition, Sacks produced and financed the political satire Thank You for Smoking, which premiered at the 2005 Toronto International Film Festival, was acquired by Twentieth Century Fox for theatrical release in 2006, and was nominated for two Golden Globes, including ‘Best Motion Picture.’ [1]
Sacks developed and produced the 2023 biopic Dalíland about artist Salvador Dalí. [25] Dalíland premiered at the 2022 Toronto International Film Festival and was acquired by Magnolia Pictures for theatrical release in 2023. [25]
In 2006, Sacks founded Geni.com, a genealogy website. In 2008, Sacks and co-founder Adam Pisoni spun this internal communications tool into a standalone company called Yammer. [26] Geni was acquired by MyHeritage in 2012. [27]
In 2008, Yammer launched the first Enterprise Social Network, a secure solution for internal corporate communication and collaboration, [28] winning the grand prize at TechCrunch50 conference. [29] According to Social Capital, [30] Yammer's viral approach made it among the fastest-growing Software-as-a-Service (SaaS) companies in history, exceeding eight million enterprise users in just four years. Yammer received approximately US$142 million in funding from venture capital firms such as Charles River Ventures, Founders Fund, Emergence Capital Partners, and Goldcrest Investments. [31]
In July 2012, Microsoft acquired Yammer for $1.2 billion as a core part of its cloud/social strategy. [32]
In December 2014, Sacks made a "major investment" in Zenefits. [33] In January 2016, Zenefits' board asked him to step in as interim CEO amidst a "regulatory crisis" regarding the company's licensing compliance. [34] Over the next year, Sacks negotiated a resolution with insurance regulators across the U.S. – receiving praise for "righting the ship". [35] Sacks also revamped [36] Zenefits' product line with an initiative he named "Z2", [37] [38] introducing a SaaS business model. Shortly after, PC Magazine noted that Zenefits had become "the best HR software on the market," while Buzzfeed reported the company was losing over $200 million annually. [39] [40] After just 10 months in the role, Sacks was succeeded by former Ooyala CEO, Jay Fulcher. [41]
Sacks has been investing in technology companies for twenty years. [42] As an angel investor, his investments include Addepar, Affirm, Airbnb, Clutter, Eventbrite, Facebook, Gusto, Houzz, Intercom, Mixpanel, Opendoor, Palantir Technologies, PayPal, Postmates, ResearchGate, Rumble, Scribd, Slack, SpaceX, SurveyMonkey, ThirdLove, Uber and Wish. [8]
In late 2017, Sacks co-founded Craft Ventures and raised an initial fund of $350 million. [43] Craft raised $1.1B in 2021, which brought total assets under management to $2B, according to a Medium post published by the company. [44] Unicorns in Craft Ventures Fund I and Fund II include Bird, [45] BitGo,[ citation needed ] ClickUp, [46] [47] Pipe, [48] Reddit, [49] SourceGraph, [50] and SpaceX. [51] [43]
According to The New Republic , "Sacks is using his wealth and online clout to unite conservatives and former leftists in a reactionary movement against liberalism". [52] He is regularly criticized for spreading disinformation via his statements in support of Putin's Russia and the 2022 Russian invasion of Ukraine. [53]
After graduating from Stanford, Sacks co-authored with Peter Thiel the 1995 book The Diversity Myth: Multiculturalism and the Politics of Intolerance at Stanford, published by the Independent Institute. [54] The book is critical of political correctness in higher education and argues that more intellectual diversity is needed on college campuses. [54] The following year, writing for Stanford Magazine, he argued against affirmative action in the United States, saying that it had hurt the "disadvantaged", not helped them, and had led to increased segregation at Stanford University in the name of "diversity". [55]
According to the Federal Election Commission, Sacks donated $50,000 to Republican Party candidate Mitt Romney's presidential campaign in 2012. In 2016, he donated nearly $70,000 to Democratic Party candidate Hillary Clinton's presidential campaign. [56]
In the 2022 San Francisco Board of Education recall elections of members Collins, Moliga, and Lopez, Sacks gave one of the largest contributions to support the recall. [57] [58] He is also a significant booster of Republican candidates, sponsoring a spring 2022 fundraiser for GOP senate hopefuls including J. D. Vance and Blake Masters alongside his former colleague and partner Keith Rabois. [59] In total, Sacks directly gave over $1,000,000 to Senate candidates in 2022. [60]
On May 24, 2023, Sacks was the moderator when Ron DeSantis announced his 2024 presidential campaign on Twitter Spaces. He praised DeSantis and donated $50,000 to his campaign. [61] Later in June 2023, Sacks hosted a $10,000/plate fundraiser for Robert F. Kennedy Jr. [62]
Since October 2022, David Sacks has been increasingly commenting on the Russian invasion of Ukraine, typically taking an anti-US involvement in Ukraine, and especially US military funding for Ukraine. [63] Some of his claims include the "US dispatching an Army General to assume de-facto command of the Ukrainian Army". [64] In an article for Newsweek, Sacks argued that continued military support for Ukraine could lead to “Woke War III”. [65] Sacks' posts on X are often countered by the platform's Community Notes, which he believes are subject to being "gamed by the Ukrainian info war op" against him.
During the Silicon Valley Bank (SVB) bank run in March 2023, Sacks advocated for urgent government action to guarantee the deposits of SVB customers. He faced backlash from some who criticized that the very people who eviscerated banking regulations now seek to be shielded from the catastrophe they caused. [66]
On July 7, 2007, Sacks married Jacqueline Tortorice. [67] The couple have two daughters and one son. [13]
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.
Peter Andreas Thiel is an American entrepreneur, venture capitalist, and political activist. A co-founder of PayPal, Palantir Technologies, and Founders Fund, he was the first outside investor in Facebook. As of June 2023, Thiel had an estimated net worth of $9.7 billion and was ranked 213th on the Bloomberg Billionaires Index.
Maksymilian Rafailovych "Max" Levchin is a Ukrainian-American software engineer and businessman. In 1998, he co-founded the company that eventually became PayPal. Levchin made contributions to PayPal's anti-fraud efforts and was the co-creator of the Gausebeck-Levchin test, one of the first commercial implementations of a CAPTCHA challenge response human test.
The Stanford Review is a student-run right-wing newspaper that serves Stanford University in Stanford, California. It was founded in 1987 by Peter Thiel and Norman Book.
Founders Fund is a San Francisco based venture capital firm formed in 2005 and has roughly $12 billion in total assets under management as of 2023. Founders Fund was the first institutional investor in Space Exploration Technologies (SpaceX) and Palantir Technologies, and early investor in Facebook. The firm's partners have been founders, early employees and investors at companies including PayPal, Palantir Technologies, Anduril Industries and SpaceX.
Łukasz Nosek is a Polish-American entrepreneur, notable for being a co-founder of PayPal.
Viva Engage is an enterprise social networking service that is part of the Microsoft 365 family of products. It is used mainly for private communication within organizations but is also used for networks spanning various organizations. Access to a Yammer network is determined by a user's Internet domain, so only individuals with approved email addresses may join their respective networks.
The "PayPal Mafia" is a group of former PayPal employees and founders who have since founded and/or developed additional technology companies based in Silicon Valley such as Tesla, Inc., LinkedIn, Palantir Technologies, SpaceX, Affirm, Slide, Kiva, YouTube, Yelp, and Yammer. Most of the members attended Stanford University or University of Illinois Urbana-Champaign at some point in their studies.
Palantir Technologies Inc. is a public American company that specializes in software platforms for big data analytics. Headquartered in Denver, Colorado, it was founded by Peter Thiel, Nathan Gettings, Joe Lonsdale, Stephen Cohen, and Alex Karp in 2003. The company's name is derived from The Lord of the Rings where the magical palantíri were "seeing-stones," described as indestructible balls of crystal used for communication and to see events in other parts of the world.
Stripe, Inc. is an Irish-American multinational financial services and software as a service (SaaS) company dual-headquartered in South San Francisco, California, United States and Dublin, Ireland. The company primarily offers payment-processing software and application programming interfaces for e-commerce websites and mobile applications.
Keith Rabois is an American technology executive and investor. He is currently Managing Director at Khosla Ventures. Rabois was an early-stage startup investor, and executive, at PayPal, LinkedIn, Slide, and Square. Rabois invested in Yelp and the Xoom Corporation prior to each company's initial public offering (IPO). For both investments he insisted on being a board of directors member.
Domo, Inc. is an American cloud software company based in American Fork, Utah, United States. It specializes in business intelligence tools and data visualization.
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Valar Ventures is a US-based venture capital fund founded by Andrew McCormack, James Fitzgerald and Peter Thiel in 2010. Historically, the majority of the firm's investments have been in technology startups based outside of Silicon Valley, including in Europe, the UK, the US and Canada. Valar Ventures originally spun out of Thiel Capital, Peter Thiel's global parent company based in San Francisco, and is now headquartered near Madison Square in Manhattan. The firm's namesake is the Valar of J. R. R. Tolkien's legendarium, who are god-like immortal spirits that chose to enter the mortal world to prepare it for their living creations.
Gusto, Inc. is a company that provides a cloud-based payroll, benefits, and human resource management software for businesses based in the United States. Gusto handles payments to employees, and contractors and also handles electronically the paperwork necessary to help client companies comply with tax, labor, and immigration laws. Gusto is operational in all 50 US states.
TriNet Zenefits is a technology company based in San Francisco that offers cloud-based software as a service to companies for managing their human resources, with a particular focus on helping them with payroll and health insurance coverage. The company was founded in 2013.
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eShares, Inc., doing business as Carta, Inc., is a San Francisco, California-based technology company that specializes in capitalization table management and valuation software. The company digitizes paper stock certificates along with stock options, warrants, and derivatives to allow companies, investors, and employees to manage their equity and track company ownership. The company also operates CartaX, a private stock exchange.
Classy is a software company and online fundraising platform designed for nonprofit organizations. Headquartered in San Diego, California, Classy was founded by CEO Scot Chisholm, Pat Walsh, and Marshall Peden in 2006, originally to host fundraising events that benefit charities. The firm transitioned to a software and services company in 2010. Its software as a service products launched in 2011 and focus on peer-to-peer fundraising, crowdfunding, events, supporter management and marketing automation. In September 2016, Classy closed $30 million in Series C funding from JMI Equity, Peter Thiel's Mithril Capital, Salesforce Ventures, and Bullpen Capital. In April 2021, it raised $118 million in series D funding, making Classy a Public Benefit Corporation.
Craft Ventures is a venture capital firm based in San Francisco which makes early stage venture investments. Craft was founded in 2017 by David O. Sacks and Bill Lee.
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