What is David Sacks Net Worth?
| Net Worth: | $500 million |
|---|---|
| Source of Wealth: | Tech Genius, Venture Capitalist, Businessman, Author, and Philanthropist |
| Date of Birth: | May 25th, 1972 |
| Country of Origin: | South Africa |
| Last Updated: | 2024 |
David Sacks Net Worth: David Sacks is a tech genius, venture capitalist, businessman, author, and philanthropist with an estimated net worth of about $500 million.
Renowned for his impact on the world of tech and venture capitalism, he is gaining a massive reputation for his work with PayPal, Yammer, and other investments.
Early Life
David Sacks was born in Detroit, Michigan, in 1964 into a family with the principle of good work ethic and hunger to learn since his mother was a teacher and his father was a lawyer.
His early life seemed far from becoming a Silicon Valley celebrity. Sacks attended Stanford University, where he majored in computer science and psychology.
Sacks’ academic success wasn’t limited to books, leading him to co-found Stanford Review, a publication on campus popular for its conventional leanings.
Following his graduation from Stanford, Sacks set out on another career journey, displaying his entrepreneurial spirit by working as a lawyer in London and considering going into politics or the Peace Corps.
His passion for technology exceeded all, which led him to join PayPal in 1998, a new online payment platform co-founded by Peter Thiel, his classmate from Stanford.
Career
Sacks worked as the chief operating officer at PayPal, which was a stepping stone to his success. He played an important part in the growth of his company, expansion of its user base, overcoming financial and legal challenges, and gaining promising partnerships.
In 2002, PayPal was sold for $1.5 billion to eBay, marking his name as a tech genius and contributing to his wealth.
After PayPal, Sacks set out into diverse ventures, showcasing his level of diversity and courage to try out new paths. He was a co-founder of Yammer, a social networking platform, and he also invested in other tech firms, including prominent companies like Uber, Palantir Technologies, and Airbnb.
He penned the book Anything But Money: An Unexpected Road to Success,” where he talked about his entrepreneurial acumen and bizarre career path.
Sacks is also a co-host of “The Podcasting Pros, which is based on tech and entrepreneurship.
David Sacks net worth is estimated to be $500 million as of 2024.
Career Highlights
- 1998-2002 – David Sacks served as the Chief Operating Officer at PayPal
- 2006 – He was mentioned on Forbes’s “40 Under 40”.
- 2008 – He co-founded Yammer, a social networking platform.
- 2009 – He was named World Economic Forum Technology Pioneer and became a co-founder of Craft Ventures, a striving venture capital company
- 2012 – He wrote the book “Anything But Money: An Unexpected Road to Success”.
- He was listed in the Silicon Valley Business Journal “Tech 100.
- 2016 – He was chosen as interim CEO of Zenefits for just ten months.
- 2017 – Sacks was mentioned on Fortune’s “100 Most Powerful People in Tech”.
Awards and Achievements
David Sacks has garnered so many achievements and awards preventing his name as a tech guru.
He started serving as the Chief Operating Officer at PayPal from 1998 to 2002, and in 2006, he was mentioned on Forbes “40 Under 40”.
In 2008, Sacks co-founded Yammer, a social networking platform. He was named World Economic Forum Technology Pioneer and became a co-founder of Craft Ventures, a striving venture capital company, in 2009.
He wrote the book “Anything But Money: An Unexpected Road to Success” and was listed on the Silicon Valley Business Journal “Tech 100” in 2012. He was also mentioned in Fortune’s “100 Most Powerful People in Tech” in 2017.
Personal Life
Sacks is currently married to Jacqueline Sosnovich, an ex-model and venture capitalist. They share two children together, a boy and a girl.
He maintains an extensively private personal life; sometimes, he airs his opinions on social and political issues on Twitter. He faced heavy criticism for endorsing Donald Trump.
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David Sacks Net Worth
David Sacks net worth is estimated to be $500 million. Sacks’ wealth primarily stems from his successful entrepreneurial ventures and strategic investments.
He played a pivotal role in PayPal, serving as its COO, and was part of the group known as the “PayPal Mafia,” a term used to describe former PayPal employees who have significantly impacted the tech industry. His tenure at PayPal, especially during its acquisition by eBay in 2002 for $1.5 billion, contributed notably to his fortune.
Further augmenting his wealth, Sacks co-founded Yammer, a corporate social networking tool, which Microsoft acquired for $1.2 billion in 2012. He has also been involved in several other successful business ventures, such as founding Geni.com and serving as the CEO of Zenefits
In addition to his business ventures, Sacks is a co-founder of Craft Ventures, a venture capital firm specializing in early-stage investments in technology startups, with a portfolio that includes companies like SpaceX and Bird. His investments in companies like Airbnb, SpaceX, and Uber also contribute significantly to his wealth
Charity
Sacks has been a passionate philanthropist alongside his wife, offering support to different organizations focused on healthcare, education, and animal welfare.
They founded the Sacks Family Foundation in 2017, founded to provide educational opportunities to underserved students.
Real Estate
Sacks lives in Atherton, California, with his family in an enormous estate valued at several millions of dollars. He also owns other real estate properties in New York and San Francisco.
David Sacks net worth is estimated to be about $500 million, this is inclusive of his wealth in real estate.
Notable David Sacks Quotes
Life Lessons to Learn From David Sacks Success
Leverage Your Expertise in Multiple Arenas
David Sacks’ successful ventures in both technology and investment illustrate the value of applying your expertise across different domains. Sacks, known for his roles in PayPal and Yammer, didn’t confine his talents to just one area. Instead, he utilized his knowledge and experience in technology to excel in venture capital.
Cultivate a Visionary Mindset
A key element of Sacks’ success is his visionary mindset. For instance, his foresight in recognizing the potential of enterprise social networking led to the creation of Yammer. This lesson underscores the importance of forward-thinking and the ability to anticipate future trends and needs in any industry.
Embrace the Role of Mentorship
Sacks has been a mentor to many in the tech industry, sharing his insights and experiences. This role has not only helped others but has also expanded his influence and leadership in the tech community. The lesson here is the value of mentorship, both in fostering the growth of others and in enhancing one’s own personal and professional development.
Frequently Asked Questions – David Sacks Net Worth
Where did David Sacks make his money?
Sacks has worked as the Chief Operating Officer for PayPal. He co-founded Yammer and was an interim CEO of Zenefits in 2016.
He also co-founded Craft Centures with other investments in companies like Uber, Facebook, Airbnb, Palantir Technologies, and SpaceX.
Is David Sacks related to Oliver Sacks?
David Sacks’ sister, Oliver Sacks, is the direct opposite of her elder brother by a 9-year gap. While David is known to be bold and confident, Oliver is shy, speaks quietly, and also stutters.
What did David Sacks do at PayPal?
David’s role at PayPal cannot be over-emphasized. He was in charge of the company’s growth , marketing, and finances at a time when it was experiencing tremendous losses monthly. Within a few years, PayPal became profitable.
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Final thoughts
David Sacks had an inspiring journey from when he started off as a lawyer to a tech genius. He has shown his versatility and entrepreneurial spirit.
His role in transforming the online transaction terrain and venture capitalism cannot be forgotten, and his impact on tech would last a lifetime.
As of 2024, David Sacks net worth is estimated to be $500 million.