David Sacks Net Worth in 2024: Best Investor, Achievements

David Sacks Net Worth in 2024, Crucial Investments, Successes & Achievements.

David O. Sacks (David Oliver Sacks), is a renowned Chief Operating Officer (COO) of PayPal and co-founder of Yammer and Geni.com. He also Co-founded Craft Ventures and Co-hosted Podcast All In to make his name popular. He had invested in Facebook, Uber, SpaceX, Palantir Technologies, and Airbnb. David Sacks’s Net Worth is $200 million.

David Sacks Net Worth 2024

David Sacks has established himself as a successful Tech entrepreneur with an estimated net worth of $200 million. Sacks continues to impact the business through his entrepreneurial endeavors and podcasts from his prominent job at PayPal.

Early Life and Education

David Sacks was born on 25th May 1972 in Cape Town, the Capital of South Africa. When he was five years old, he moved to Tennessee, USA with his family. Then he completed his schooling at Memphis University School in Memphis, Tennessee.

Then completed his graduation in B. An Economics from Stanford University in 1994. Later he received a Doctorate in Law Degree from the University of Chicago Law School in 1998.

Career As a Tech Investor

PayPal Journey

David Sacks started his career as a management consultant at McKinsey & Company in 1999. Later he left the job to join an e-commerce service like PayPal, where he served as COO and Product Leader and played a vital role in the company’s success and growth.

During his service at PayPal, the company generated revenue from zero to over $100 million in 2001. Then eBay acquired the company for $1.5 billion in October 2002.

Davis was a member of “PayPal Mafia”, a group of founders and old employees of PayPal who formed some other successful technology companies where he met with Elon Musk who was also a part of the PayPal Mafia group.

Invention of Geni.com

Sacks founded Geni.com in 2006 so that relatives may collaborate to create an online family tree. He needed deeper insight into what was happening at Geni, so the team built a productivity tool to facilitate information sharing among staff members.

Later in 2008 Sacks and co-founder, Adam Pisoni formed a separate company called Yammer, the internal messaging platform. Then Geni was purchased by MyHeritage in 2012.

Yammer

Yammer won the top prize at the TechCrunch50 conference in 2008 for launching the first Enterprise Social Network, a safe platform for internal company communication and collaboration.

According to Social Capital, Yammer’s viral strategy helped it become one of the Software-as-a-Service (SaaS) businesses with the fastest rate of growth in history surpassing eight million enterprise users in just four years.

Venture capital organizations like Charles River Ventures, Founders Fund, Emergence Capital Partners, and Goldcrest Investments provided Yammer with funds totaling about US$142 million.

Microsoft bought Yammer for $1.2 billion in July 2012 as a key component of its cloud/social strategy.

Zenefits

Sacks made a “major investment” in Zenefits in December 2014. Zenefits’ board requested him to serve as temporary CEO in January 2016 due to a “regulatory crisis” with the organization’s licensing compliance.

Sacks received applause for “righting the ship” during the following year as he worked with insurance regulators across the country to resolve.

Sacks also changed the Zenefits product line by adopting a SaaS business model through an effort he called “Z2”. Soon after Zenefits was called “the best HR software on the market” by PC Magazine although Buzzfeed claimed the business was losing more than $200 million annually. Sacks was replaced in the position by former Ooyala CEO Jay Fulcher after only 10 months.

Craft Ventures

Sacks co-founded Craft Ventures in late 2017 with a $350 million inaugural investment. In 2021, Craft raised $1.1 billion bringing the total funds under management to $2 billion according to a Medium post by the business.

Angel investments

For twenty years, Sacks has made investments in technological firms. Addepar, Affirm, Airbnb, Bird, Clutter, Eventbrite, Facebook, Gusto, Houzz, Intercom, Mixpanel, Opendoor, Palantir Technologies, PayPal, Postmates, ResearchGate, Scribd, Slack, SpaceX, SurveyMonkey, ThirdLove, Uber, and Wish are among the companies in which he has invested as an angel investor.

Personal Life

Sacks wed Jacqueline Tortorice on July 7, 2007. The couple has one son and two daughters.

Political Campaigns

According to the Federal Election Commission, Sacks donated $50,000 to Republican Party nominee Mitt Romney’s presidential campaign in 2012. He contributed around $70,000 to Hillary Clinton’s presidential campaign in 2016 as a member of the Democratic Party.

Awards and Achievements

• San Francisco Business Times 40 Under 40, David Sacks (2012)
• Workforce Management Game Changers Award, David Sacks (2011)
• San Francisco Business Times Bay Area’s Most Admired CEOs (2011)

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Conclusion

In brief, David Sacks is a renowned investor and entrepreneur who has made substantial contributions to the tech sector. Sacks’ net worth is $200 million and has had a great career in terms of money.

He co-founded PayPal and served as its Chief Operating Officer and both roles were crucial to his rise to wealth. His involvement in businesses like Yammer, Geni, and Craft Ventures also strengthened his ability as an entrepreneur.

David Sacks continues to have a significant impact on business and support causes that advance society as a whole because of his wealth and power.

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