David Sacks Net Worth, Salary, and Earnings in 2024
David Sacks, a renowned tech entrepreneur, venture capitalist, and political figure, has an estimated net worth of $250 million to $2 billion as of 2024. Known for co-founding PayPal and Yammer, Sacks has made significant investments in tech giants such as Facebook, Uber, and SpaceX. His controversial political views and support for Donald Trump have also drawn attention. At 52 years old, Sacks is married to Jacqueline Tortorice, with whom he shares three children—two daughters and one son. Together, they live a lavish lifestyle, while Jacqueline oversees the family’s wealth as CEO of the Sacks Family Office.
Early Life
David Oliver Sacks was born on May 25, 1972, in Cape Town, South Africa. At the age of five, his family relocated to Tennessee, USA, where Sacks grew up. He attended Memphis University School, a preparatory institution for boys, which laid the foundation for his academic journey.
Sacks continued his education at Stanford University, where he earned a Bachelor of Arts degree in Economics in 1994. He later pursued a Juris Doctor (JD) at the University of Chicago Law School, graduating in 1998. His strong educational background in both economics and law shaped his future as a prominent figure in the tech industry.
Early Career
Sacks’ career began at McKinsey & Company, a global management consulting firm, where he worked as a consultant. However, his entrepreneurial drive soon led him to seek new opportunities. In the early 2000s, Sacks joined Confinity, a startup that would eventually become the iconic PayPal.
PayPal Success
At PayPal, Sacks played a critical role as the company’s first product leader and later served as the Chief Operating Officer (COO). His strategic oversight of product development, marketing, sales, and business development was crucial in PayPal’s rapid rise to success. In 2002, PayPal was acquired by eBay for $1.5 billion, solidifying Sacks’ reputation as a formidable entrepreneur.
Founding Yammer
Following the PayPal acquisition, Sacks sought new ventures. In 2008, he founded Yammer, an enterprise social networking platform that gained rapid popularity. Yammer allowed employees within organizations to communicate and collaborate more effectively, leading to exponential growth. By 2012, Microsoft acquired Yammer for $1.2 billion, marking another successful exit for Sacks.
Craft Ventures
Sacks did not stop there. In 2017, he co-founded Craft Ventures, a venture capital firm that focuses on early-stage SaaS and marketplace startups. With Craft Ventures managing billions in assets, Sacks has continued to leverage his keen eye for emerging tech and business opportunities. His success as an entrepreneur and investor has made him a powerful figure in Silicon Valley.
Major Investments
Throughout his career, Sacks has made several successful angel investments in some of the biggest tech companies in the world. His portfolio includes investments in:
- Uber
- SpaceX
- Airbnb
- Palantir Technologies
- Slack
- Wish
These investments have contributed significantly to his net worth, solidifying Sacks’ status as one of the most influential investors in the tech world.
Film Production
In addition to his tech ventures, Sacks has dabbled in film production. He produced the political satire “Thank You for Smoking,” a critically acclaimed film that garnered Golden Globe nominations. This further showcased his versatility as a businessman with interests extending beyond tech.
Financial Success
Sacks’ exact net worth in 2024 is estimated to be between $250 million and $2 billion. The wide range is due to the private nature of his finances and the difficulty in valuing his investments and equity holdings. However, it is clear that his wealth stems from his key roles in PayPal, Yammer, and his numerous successful investments.
Cryptocurrency Ventures
Sacks has also explored the world of cryptocurrency, investing in blockchain-related companies like BitGo and Lightning Labs. His involvement in cryptocurrency, coupled with his investments in tech startups, positions him at the forefront of financial innovation in the tech sector.
Personal Life
David Sacks married Jacqueline Tortorice on July 7, 2007. Jacqueline, a Stanford graduate, plays an active role in managing the family’s finances as the CEO of the Sacks Family Office. The couple shares three children—two daughters and one son—and lives a lavish lifestyle, regularly hosting extravagant events.
One notable example was Sacks’ 40th birthday party, a grand 18th-century-themed celebration held at the $125 million Fleur de Lys mansion in Los Angeles. The event featured entertainment from rapper Snoop Dogg and attracted numerous Silicon Valley elites, highlighting the family’s wealth and connections.
Political Views
David Sacks is no stranger to controversy, especially regarding his political views. He co-authored “The Diversity Myth” with Peter Thiel in 1995, criticizing multiculturalism in higher education. This book set the stage for Sacks’ later political views, which often lean toward libertarian and conservative ideologies.
Sacks has also been an outspoken supporter of Donald Trump, hosting fundraisers for the former president. His public stance on political issues, including the Russian invasion of Ukraine and the Silicon Valley Bank collapse, has drawn both criticism and admiration.
Recent News
In 2024, Sacks has continued to make headlines, particularly for his stance on the upcoming U.S. presidential election. In July 2024, Axios reported that Sacks had shifted his support toward Donald Trump, cementing his involvement in high-profile political fundraising events. As an influential member of the tech world and a podcaster, his political endorsements have sparked significant discussions.
Future Prospects
Looking ahead, David Sacks’ influence in the tech and political spheres is expected to grow. With his wealth continuing to increase from his venture capital firm and investments, Sacks remains a key player in shaping the future of technology and business. His controversial political stances ensure he will remain a figure of both admiration and debate.
