The PayPal Mafia is an elite group of early executives of the thriving financial technology firm PayPal. David Sacks is one of them. He is an investor and entrepreneur who is currently the general partner of the venture capital fund named Craft Ventures. He also co-hosts the All-In Podcast. As of 2022, David Sacks has an estimated net worth of $200 million.
Early Life
David Oliver Sacks was born on May 25, 1972. His birthplace is Cape Town, South Africa, but 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 Sacks later transferred to Stanford University, earning a bachelor’s degree in economics in 1994. Four years later, he became a Doctor of Law at the University of Chicago Law School.
Joining Paypal
Sacks first worked for McKinsey & Company as a management consultant. He left in 1999 to join the startup PayPal, working with co-founder Peter Thiel and Max Levchin. He also became friends with one of the richest men alive, Elon Musk.
At PayPal, David Sacks was hired to become the Product Leader and Chief Operating Officer (COO). He was responsible for establishing many key product designs and teams.
PayPal was purchased for $1.5 billion by eBay in 2002. After this, the founding members, David, and other early employees became known as the PayPal Mafia in Silicon Valley.
Other Ventures
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 the genealogy website Geni.com.
In 2008, David launched Yammer, which created Enterprise Social Network, a corporate communication solution. In 2014, David started the tech firm Zenefits. He became an angel investor, and has invested into multiple promising cryptocurrencies such as Solana.
His last business endeavor was Craft Ventures, founded in 2017. More recently, he co-hosts the All-In Podcast alongside Jason Calacanis, David Friedberg, and Chamath Palihapitiya.
Net Worth and Earnings
As an early employee of PayPal, Sacks must’ve earned a lot when the company was sold to eBay. He used his funds to make more money in other ventures. Perhaps his most successful project is Craft Ventures, which raised $1.1 billion in 2021.
Apart from his own businesses, he has invested early into companies like SpaceX, Facebook, and Airbnb. One of his investments, Palantir Technologies, is expanding to crypto. Though he doesn’t own the firm, he is involved in its expansion to crypto. David’s net worth is estimated to be $200 million.
Personal Life
David Sacks got married to a woman named Jacqueline Tortorice in 2007. The couple were blessed with three children: one son and two daughters. The family is reported to live in Broadway Street, San Francisco. They reside in a home on Billionaire’s Row that was purchased for $23.2 million in 2020.
