President-elect of the United States Donald Trump announced on Thursday, before PayPal managers david sachs will serve as the White House AI And the crypto czar in the new government.
Trump announced the news on his official social media platform Truth Social, saying:
“I am pleased to announce that David O. Sacks will become White House Artificial Intelligence and Cryptocurrency Czar. In this important role, David will guide artificial intelligence and government policy cryptocurrencythese two areas are critical to America’s future competitiveness.
Who is David Sacks?
David Sacks, 52, is a distinguished entrepreneur, venture capitalist and technology leader. He was a co-founder of Craft Ventures, a San Francisco venture capital firm, and an early senior executive at PayPal, the payment processing company acquired by eBay in 2002.
The saxophone is considered “PayPal Mafia”, a group of former PayPal employees and executives who have achieved significant success in technology and business. This group includes figures such as Peter Thiel and Tesla CEO Musk. Trump also appointed Musk to co-lead the Department of Government Effectiveness (DOGE) in the new administration.
Sachs was born in South Africa and has an extensive entrepreneurial background. He served as CEO of software company Zenefits and founded complainan enterprise social network acquired by Microsoft for $1.2 billion.
Sachs is also known as the co-host of the All-In Podcast, a leading technology podcast where he and his colleagues discuss economic, political, and social issues.
“David has the knowledge, business experience, wisdom and pragmatism to make America great in these two critical technologies. Congratulations, David!” Trump wrote in The Truth Society.
cryptocurrency advocate
Sacks, a big supporter of cryptocurrencies, described the rise of Bitcoin as a revolutionary moment for the web. In a 2017 interview with CNBC, he said: “It feels like we are witnessing the birth of a new kind of network. Some people call it the decentralized network or the Internet of Money.”
In his new role in the Trump administration, Sacks will focus on maintaining U.S. leadership in artificial intelligence and cryptocurrency. He will also work to protect free speech online and address bias and censorship at Big Tech companies. In addition, Sachs will oversee the White House Science and Technology Advisory Council, according to Trump.
Argument with Musk
According to Walter Isaacson’s book “Elon Musk,” Elon Musk was fired from his position as PayPal CEO by the “PayPal Mafia” more than 20 years ago. The book explores the differences in the direction of the company after the merger of Musk’s X.com and Confinity.
Musk has clashed with co-founder Max Levchin over fraud prevention measures, specifically Levchin’s CAPTCHA tool, which Musk is reportedly skeptical of. The conflict escalated when colleagues questioned Musk’s leadership abilities. According to Fox Business, a study showed that PayPal’s brand was stronger than X.com’s, prompting Musk to try to remove the PayPal brand from the site.
In September 2000, while Musk was on his honeymoon in Australia, investor Peter Thiel, board member Reid Hoffman and product chief David Sacks teamed up with others to replace him, according to Fox Business. Levchin proposed that Thiel serve as interim CEO, a move the board of directors supported. Musk was informed of the change via email. Despite cutting short his honeymoon, the board voted to remove him as CEO.
Musk told Isaacson: “At first I was very angry. Thoughts of assassination crossed my mind. But eventually, I realized it was a good thing I was couped. Otherwise, I would still be toiling away at PayPal… Of course , if I had stayed, PayPal would have become a multi-trillion dollar company.
