David Sacks, a Silicon Valley entrepreneur and venture capitalist, has been named by US President-elect Donald Trump as his administration’s new head of artificial intelligence (AI) and cryptocurrency policy. The announcement was made via Trump’s social media platform, Truth Social, where the President-elect underscored the importance of AI and cryptocurrency as pivotal areas for “American competitiveness.”
Trump described Sacks as having the “knowledge, business experience, intelligence, and pragmatism” to lead the nation forward in these critical technologies. As part of his role, Sacks will also chair the Presidential Council of Advisors for Science and Technology, tasked with guiding the administration on advancements in science and technology.
“[Sacks] has the knowledge, business experience, intelligence, and pragmatism to MAKE AMERICA GREAT in these two critical technologies,” Trump stated.
A Vision for AI and Cryptocurrency
According to Trump’s announcement, Sacks’ mandate will include ensuring free speech online and combating perceived Big Tech bias. He will also play a key role in shaping a legal framework for cryptocurrency within the United States, addressing long-standing calls for regulatory clarity from the crypto industry.
Trump described these initiatives as vital to maintaining the nation’s global leadership in technology, signaling a clear focus on fostering innovation while safeguarding American values.
The Career of David Sacks
Sacks’ impressive résumé highlights his extensive experience in technology, entrepreneurship, and investment. After earning his law degree from the University of Chicago in 1998, Sacks briefly worked at McKinsey & Company before joining Confinity, an e-commerce startup that later became PayPal. At PayPal, he served as head of product, building key teams and helping lead the company to its public listing before its eventual sale to eBay for $1.5 billion.
Trump highlighted Sacks’ affiliation with the “PayPal Mafia,” a term used to describe the group of PayPal founders and early employees who went on to create some of Silicon Valley’s biggest tech ventures.
Sacks later ventured into film production, financing and producing the 2005 political satire Thank You For Smoking, which was nominated for two Golden Globes. However, he returned to Silicon Valley in 2008 to found Yammer, a social networking platform for businesses, which was sold to Microsoft in 2012 for $1.2 billion.
Since 2017, Sacks has been a general partner at Craft Ventures, a venture capital firm he co-founded in San Francisco. The firm has invested in several tech unicorns, including Airbnb, Reddit, SpaceX, and Slack.
South African Roots and Media Presence
Born in Cape Town, South Africa, to a Jewish family, Sacks immigrated to the United States at the age of five. His diverse background and broad professional portfolio have positioned him as a significant voice in technology and politics.
Sacks also co-hosts the popular All-In Podcast alongside notable tech leaders Chamath Palihapitiya, Jason Calacanis, and David Friedberg, where they discuss issues spanning technology, the economy, and social trends.
As the US moves into an era of growing technological competition, David Sacks is set to play a critical role in shaping the future of American policy in artificial intelligence and cryptocurrency.
