Tech founders and Silicon Valley VCs who supported — and threw their cash behind — Donald Trump are being handsomely rewarded by the President-elect.
Shortly after successful the 2024 election, Trump appointed certainly one of his greatest supporters, Elon Musk, to head up a brand new company referred to as the U.S. Division of Authorities Effectivity, or DOGE.
Now, Trump is rewarding one other rich tech founder for his or her loyalty: investor and podcaster David Sacks.
“I am pleased to announce that David O. Sacks will be the ‘White House A.I. & Crypto Czar,'” Trump introduced in a submit on his social media platform Fact Social. “In this important role, David will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness.”
In accordance with Trump, Sacks’ position shall be to “safeguard Free Speech online” and “work on a legal framework” for the cryptocurrency trade. Trump additionally shared that Sacks would lead the Presidential Council of Advisors for Science and Know-how.
Sacks shall be concerned in essential coverage features of each a burgeoning know-how in AI and a crypto trade ripe with fraud however anticipating favorable therapy after throwing its assist behind Trump.
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“Congrats to czar @DavidSacks!” OpenAI’s Sam Altman posted on X shortly after the announcement from Trump.
Who’s David Sacks?
Common customers of Musk’s X, previously Twitter, could have seen Sacks pop-up on the platform once in a while. Sacks’ opinions obsessing over Russia’s conflict with Ukraine have beforehand gone viral. He has typically been critiqued for his seemingly pro-Russia and anti-Ukraine positions in addition to fearmongering over a possible World Struggle III.
Nevertheless, Sacks and Musk even have historical past with one another — and the same background. Like Musk, Sacks emigrated to the U.S. from South Africa. And in 1999, Sacks labored with Peter Thiel at PayPal, becoming a member of Musk as a member within the “PayPal Mafia,” a bunch of early PayPal workers and founders who went on to seek out higher success founding their very own tech startups.
David Sacks and Elon Musk in 2006.
Credit score: Christian Grattan/Patrick McMullan by way of Getty Photographs
In 2008, Sacks co-founded Yammer, a social media platform for enterprises. Microsoft acquired Yammer in 2012 for $1.2 billion. Microsoft would go on to combine Yammer inside its Microsoft 365 merchandise.
Since then, Sacks has invested in plenty of tech startups and corporations. He based a VC agency referred to as Craft Ventures in 2017. In 2020, Sacks began the All-In podcast alongside Jason Calacanis, Chamath Palihapitiya, and David Friedberg. The podcast, the place the 4 entrepreneurs talk about enterprise and present occasions, has gained recognition in tech circles. Over time, the present has proven rising assist for right-wing politics, together with internet hosting Trump for an interview in June and that includes Sacks broadcasting stay from the Republican Nationwide Conference in the course of the summer season.
Sacks, particularly, has been more and more making a reputation for himself in right-wing circles, opposing distinguished progressive politicians and public servants over latest years.
And whereas Sacks beforehand stated that Trump’s position within the Jan. 6 storming of the Capitol disqualified the previous president from serving once more, the VC shortly modified his tune and hosted a high-ticket fundraiser for Trump’s marketing campaign earlier this 12 months.
For Sacks, it seems just like the pro-Trump transfer has paid off — barring any future falling outs with the forty seventh President.
