On Thursday, newly elected president Donald Trump appointed former PayPal Chief Operating Officer(COO) David Sacks as the new White House A.I. & Crypto Czar.
Making the announcement on his own social media platform Truth Social, Trump praised Sacks and said that he could make his dream, which is to make America “the clear global leader” true.
His appointment arrangement is similar to that of Elon Musk, who has been recently appointed as the head of the Department of Government Efficiency (DOGE). He is not a full-time employee, hence he can serve up to 130 days a year (with or without compensation) and will not be required to publicly disclose his assets.
Sacks, who currently co-hosts the All In podcast and is also a venture capitalist, will help the government with federal policies regarding cryptocurrency and artificial intelligence.
He will also be responsible for leading the Presidential Council of Advisors for Science and Technology, preventing censorship, safeguarding free speech, and protecting the two industries from the dominance of big tech companies.
His work will also include forming a legal framework for the crypto industry so that it can finally have the clarity it has been seeking for years.
The “AI & Crypto Czar” is a newly created position by Trump so little is known about the responsibilities that come under it. But now that Sacks has stepped into the role, we can expect to find out more soon.
David Sacks has a legacy going back 25 years. He started his career as a management consultant for McKinsey & Company. Then in 1999, he left his job to work for his e-commerce startup Confinity along with three other partners.
This company created the first version of PayPal and the entire project was led by Sacks who was later appointed as its COO. He was the back of the company, looking over its sales, marketing, product design, customer service, fraud detection and prevention, human resource functions, and everything else.
In 2002, eBay acquired PayPal and Sacks took his leave. He then went on to launch a number of successful companies. And finally in 2020, in the midst of the pandemic, he founded the All-In podcast with 3 other partners which covers politics, tech, business, and current events.
Sacks’ Stance Towards Trump
David Sacks’ stance towards Trump went through a dramatic shift. Initially, he was highly critical of him, especially after the Capitol riot on January 6, 2021. In fact, in his podcast, he clearly stated that Trump is responsible for the riot.
However, over the years, he slowly came over to Trump’s side. In fact, for this year’s campaign, he held a high-profile fundraiser in San Francisco for Trump which managed to generate over $12 million.
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