Trump names renowned entrepreneur David Sacks as AI and Crypto czar

President-elect Donald Trump named renowned entrepreneur David Sacks as his new AI and Crypto czar in a new announcement for his administration.

In a statement on Truth Social, Trump said Sacks, who has extensive background in the world of innovation and technology, "will guide policy for the Administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness."

"David will focus on making America the clear global leader in both areas. He will safeguard Free Speech online, and steer us away from Big Tech bias and censorship," Trump added. "He will work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the U.S."

The president-elect also announced that the entrepreneur will lead the President's Council of Advisors on Science and Technology.

Sacks is a technology entrepreneur who began his career in the industry in 1999, when he joined the early-stage startup Confinity, which was later renamed PayPal.

According to his resume, Sacks served as PayPal's first product leader, i.e. the man responsible for developing and managing the company's product vision, strategy and direction; and later as chief operating officer (COO).

During his tenure, he built and led several key company teams, including product management and design, sales, business development, fraud operations, among others.

Years later, in 2008, Sacks founded enterprise collaboration company Yammer, one of the pioneering software-as-a-service startups to apply consumer growth tactics to enterprise software.

Yammer proved to be so successful that, in 2012, Microsoft bought the company for $1.2 billion.

Today, Sacks is a general partner at Craft Ventures, a San Francisco-based venture capital fund he co-founded in late 2017. He also excels as a podcaster, hosting the "All In" show, one of the most listened to technology and innovation podcasts today. Sacks is joined by fellow podcasters Chamath Palihapitiya, Jason Calacanis and David Friedberg.