The PayPal Mafia refers to an esteemed clique of early executives who established PayPal, an online payment platform. Among these accomplished individuals is David Sacks, a notable investor and general partner of Craft Ventures, a venture capital fund. Additionally, he co-hosts the popular All-In Podcast. As of 2023, David Sacks boasts an approximate net worth of $200 million.
Early Life
Born on May 25, 1972, in Cape Town, South Africa, David Oliver Sacks relocated to Tennessee, United States, at the tender age of five, alongside his family.
While his father pursued a career as an endocrinologist, it was his grandfather’s role as a candy factory owner during the 1920s that truly inspired David’s passion for business from an early age.
David embarked on his college journey at Memphis University School before transferring to Stanford University, where he obtained a bachelor’s degree in economics in 1994. He furthered his education by earning a Doctor of Law degree from the University of Chicago Law School four years later.
Personal Life
In 2007, David Sacks tied the knot with Jacqueline Tortorice, an entrepreneur renowned for founding Saint Haven, a brand specializing in soft and skin-friendly fabrics. The couple has been blessed with three children:
a son and two daughters. Presently, they reside on Broadway Street in San Francisco, in a remarkable residence on Billionaire’s Row, which they acquired for $23.2 million in 2020.
Joining PayPal
Initially, Sacks worked as a management consultant for McKinsey & Company. However, in 1999, he made a significant career move by joining PayPal, where he collaborated closely with co-founders Peter Thiel and Max Levchin. It was during his tenure at PayPal that Sacks forged a lasting friendship with the young entrepreneur Elon Musk.
At PayPal, David Sacks assumed the role of Product Leader and eventually served as the Chief Operating Officer (COO). He played a pivotal role in establishing key product designs and assembling teams. In 2002, eBay acquired PayPal for a substantial $1.5 billion, solidifying David and the other founding members’ reputation as the PayPal Mafia within the Silicon Valley community.
Other Ventures
Following the acquisition of PayPal, David Sacks utilized his financial resources to establish Room 9 Entertainment, an independent production firm. In 2005, he successfully developed and funded the film “Thank You for Smoking.” The following year, he ventured into the field of genealogy by launching Geni.com, a website dedicated to tracing family history.
In 2008, David embarked on another entrepreneurial endeavor by founding Yammer, a corporate communication tool. Microsoft later acquired Yammer for a staggering $1.2 billion. In 2014, Sacks invested in the tech company Zenefits and briefly held the position of CEO. Additionally, he has been an angel investor for the past two decades, displaying a keen interest in the world of cryptocurrencies. Notably, he acquired his first bitcoin holdings in 2012 and has expressed previous ownership of Solana.
His most recent business venture is Craft Ventures, established in 2017. Moreover, he presently co-hosts the widely followed All-In Podcast alongside Jason Calacanis, David Friedberg, and Chamath Palihapitiya. The podcast has garnered an impressive subscriber base of over 308,000.
Net Worth and Earnings
As an early employee of PayPal, David Sacks initially accumulated significant wealth from the company’s sale to eBay. He wisely invested his funds in various ventures and businesses. Notably, Craft Ventures, his most successful project, raised a staggering $1.1 billion in 2021.
Apart from his personal endeavors, Sacks made early investments in prominent companies such as SpaceX, Facebook, and Airbnb. His estimated net worth currently stands at $200 million, ranking him as the third wealthiest member of the All-In Podcast, trailing behind Friedberg and Palihapitiya.
