The PayPal Mafia is an elite group of early executives who founded PayPal, an online payment system. David Sacks is one of them. He is an investor and general partner of a venture capital fund called Craft Ventures and also co-hosts the All-In Podcast. As of 2023, David Sacks has an estimated net worth of $200 million.
David Oliver Sacks was born on May 25, 1972, in Cape Town, South Africa and his family relocated to Tennessee, United States when he was five years old.
His father worked as an endocrinologist, but he was more inspired by his grandfather who was a candy factory owner in the 1920s. This was why he leaned more into business growing up.
He began his college studies at Memphis University School and later transferred to Stanford University, earning a bachelor’s degree in economics in 1994. Four years later, Sacks received a Doctor of Law from the University of Chicago Law School.
Sacks first worked for McKinsey & Company as a management consultant. He left in 1999 to join PayPal, working with co-founders Peter Thiel and Max Levchin. Here is where he met a young Elon Musk and the pair have remained good friends over the years.
At PayPal, David Sacks was the Product Leader and served as the Chief Operating Officer (COO). He was responsible for establishing many key product designs and teams. In 2002, PayPal was purchased for $1.5 billion by eBay. After this, the founding members, David, and other early employees became known as the PayPal Mafia in Silicon Valley.
Following PayPal’s takeover, Sacks used his money to create the independent production firm Room 9 Entertainment. He developed and funded the film, “Thank You for Smoking” in 2005. The following year, he launched a genealogy website called Geni.com.
In 2008, David launched Yammer, a corporate communication tool that was acquired by Microsoft for $1.2 billion. In 2014, he invested in the tech firm Zenefits and briefly served as CEO. Sacks has been an angel investor for the past 20 years and he is also a prolific crypto investor. He first bought bitcoin in 2012 and has previously talked about owning Solana.
His latest business endeavor is Craft Ventures, which was founded in 2017. More recently, he co-hosts the All-In Podcast alongside Jason Calacanis, David Friedberg, and Chamath Palihapitiya. They now have over 308,000 subscribers.
Net Worth and Earnings
As an early employee of PayPal, Sacks made his initial fortune when the company was sold to eBay. He used his funds wisely by starting other companies and investing in other businesses. Perhaps his most successful project is Craft Ventures, which raised $1.1 billion in 2021.
Apart from his own businesses, he invested early into companies like SpaceX, Facebook, and Airbnb. David’s net worth is estimated to be $200 million. This makes him the third richest member of the All-in podcast behind Friedberg and Palihapitiya.
David Sacks married Jacqueline Tortorice in 2007. Jacqueline is also an entrepreneur and is the founder of Saint Haven, a soft and skin-friendly fabric. The couple were blessed with three children: one son and two daughters. The family currently lives on Broadway Street, San Francisco. They reside in a home on Billionaire’s Row that was purchased for $23.2 million in 2020.