Silicon Valley Power Play: David Sacks' Dual Life and Web of Interests
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Silicon Valley Power Play: David Sacks' Dual Life and Web of Interests
At a September White House dinner for tech executives, David Sacks said it was an honor to straddle both the technology and government worlds. "It's a great privilege to have a seat in both of these worlds," he said.
Navigating Web3 tides with focused insightsBy Cecilia Kang, Tripp Mickle, Ryan Mac, David Yaffe-Bellany and Theodore Schleifer, The New York Times
Compiled by AididiaoJP, Foresight News
The New York Times published "Silicon Valley’s Man in the White House Is Benefiting Himself and His Friends" at 01:34 UTC on December 1, 2025, highlighting conflicts of interest involving David Sacks during his tenure as the White House's AI and cryptocurrency lead. David Sacks later tweeted that, given The New York Times' apparent unwillingness to report fairly, he had engaged Clare Locke LLP, a law firm specializing in defamation litigation. Below is the full translation of the article:
In July this year, senior Trump administration tech official David Sacks smiled broadly as he took the stage inside a neoclassical auditorium just blocks from the White House. He had convened high-ranking government officials and Silicon Valley executives for a forum on the booming artificial intelligence industry.
The guest of honor was President Trump, who announced an “AI Action Plan” partially drafted by veteran venture capitalist David Sacks. For nearly an hour, Trump declared AI to be “one of the most important technological revolutions in world history.” He then signed an executive order aimed at accelerating growth in the sector.
Among the influential audience, nearly everyone—including CEOs of chipmakers Nvidia and AMD, along with Sacks’ tech allies, colleagues, and business partners—stood to benefit from President Trump’s policy moves.
One of the winners was David Sacks himself.
The 53-year-old David Sacks has held a uniquely advantageous “part-time” role in the federal government since January—shaping Silicon Valley policy in Washington while continuing to work as an investor in Silicon Valley. As the White House lead on AI and cryptocurrency, some of his actions include:
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Providing extraordinary access to White House networks for his tech peers and working to remove government barriers for AI companies—efforts that could bring giants like Nvidia an estimated $200 billion in new sales.
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Advancing AI policy proposals that sometimes diverge from national security recommendations, raising concerns among some White House colleagues and prompting questions about his priorities.
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Creating conditions for personal financial gain. According to The New York Times’ analysis of his financial disclosure filings, he holds 708 technology investments, at least 449 of which are related to artificial intelligence—investments that could directly or indirectly benefit from policies he helped shape.
The Times found that although many companies market themselves as AI firms, provide AI services, or include “AI” in their names, 438 of Sacks’ disclosed tech investments were categorized in public filings as software or hardware companies.
David Sacks has also used his government position to boost the profile of his weekly podcast, “All-In,” and expand its associated businesses.
No event better illustrates the ethical complexities and overlapping interests facing David Sacks than the July AI summit. Sacks initially planned for the forum to be hosted by “All-In,” the podcast he co-hosts with other tech investors. According to a proposal obtained by The Times, “All-In” had approached potential sponsors offering private events during the summit—for $1 million per company—designed to “bring together President Donald Trump and top AI innovators.”
President Trump speaking at an AI summit in Washington in July, an event co-hosted by the tech podcast "All-In" and organizers of the "Hill & Valley Forum." Credit: Kenny Holston/The New York Times
According to two people familiar with the matter, the plan raised concerns among some officials, prompting White House Chief of Staff Susie Wiles to intervene and block “All-In” from being the sole organizer of the forum.
Steve Bannon, a former adviser to Trump and critic of billionaire technocrats in Silicon Valley, said David Sacks exemplifies the ethical conflicts within this administration. In his view, “the tech bros have gone rogue.”
“They’re using this rising oligarchy to drag the White House down a path of destruction,” he said.
David Sacks is able to serve in government as a private-sector participant because he is classified as a “special government employee”—a title typically granted to experts who provide short-term advisory services to the government. He serves without pay.
In March, David Sacks received two ethics waivers from the White House stating that he was in the process of selling, or had already sold, most of his cryptocurrency and AI-related assets. The waivers stated that his remaining investments “have not yet reached a level of significance that could affect his government service.”
Yet what makes David Sacks stand out among special government employees is his ownership stakes in hundreds of tech companies that could benefit from policies he influences. His publicly available ethics disclosures, based on self-reported information, do not reveal the value of his remaining cryptocurrency and AI-related holdings, nor do they specify when he claims to have divested certain assets—making it difficult for outsiders to assess whether his government role has resulted in net personal gains.
Liz Houston, a White House spokesperson, said David Sacks has addressed potential conflicts of interest. She described his insights as “invaluable to President Trump’s agenda to cement America’s technological dominance.”
David Sacks, 53, the White House lead on AI and cryptocurrency, photographed in September. His disclosure forms show he holds hundreds of tech investments. Credit: Haiyun Jiang/The New York Times
Jessica Hoffman, a spokesperson for David Sacks, said the claim of conflict of interest is “unfounded.” She said Sacks has complied with all special government employee rules and that the Office of Government Ethics determined he only needed to sell certain types of AI company investments, not all. She added that his government role has cost him financially rather than benefited him.
At a September White House dinner for tech executives, David Sacks expressed pride in straddling both worlds. “It’s a tremendous privilege to have a foot in both of these worlds,” he said.
“David’s Mansion”
Mr. David Sacks, photographed in 2005, after becoming an early employee at PayPal. Over the years, he has become a fixture in Silicon Valley.
David Sacks’ path to the White House began in Silicon Valley.
He arrived in the tech hub as an undergraduate at Stanford University in 1990, where he met classmates including Peter Thiel. Sacks later joined Thiel at a startup that would become the digital payments company PayPal, alongside Elon Musk.
After eBay acquired PayPal for $1.5 billion in 2002, the group began investing in each other’s ventures. David Sacks funded Musk’s rocket company SpaceX and Thiel’s data analytics firm Palantir. In return, Thiel backed Sacks’ business messaging startup Yammer, which was sold to Microsoft for $1.2 billion in 2012.
David Sacks with Elon Musk in New York in 2006. They worked together at PayPal and remained friends. Credit: Christian Grattan/Patrick McMullan, via Getty Images
In 2017, David Sacks founded Craft Ventures, which has invested in hundreds of startups, including those launched by his friends. Three years later, he co-founded the “All-In” podcast with friends and investment partners Jason Calacanis, Chamath Palihapitiya, and David Friedberg.
In 2022, David Sacks became a significant figure in Republican politics when he donated $1 million to a super PAC supporting JD Vance, a former tech investor and Thiel protégé, in his successful Senate campaign.
Last year, David Sacks hosted a $12 million fundraising event for Trump at his mansion in San Francisco. The presidential candidate was deeply impressed.
“I loved David’s house so much,” Trump said two weeks later on the “All-In” podcast. “That house was incredible.”
After the election, Trump’s team invited David Sacks to join the administration. He agreed—on the condition that he could continue working at Craft. His request was granted.
“That works for me,” David Sacks said in December, referring to his dual roles.
Alignment with Nvidia
David Sacks has opened the White House doors for leaders of Silicon Valley. One of the most notable visitors was Jensen Huang, CEO of Nvidia.
Three people familiar with the matter but not authorized to discuss private interactions said the two men did not know each other before Sacks joined the government but developed a close relationship this past spring.
Each had something to gain: The 62-year-old Huang sought government approval to sell Nvidia’s in-demand AI chips globally, despite security concerns that these components could enhance China’s economy and military. Huang argued that restricting Nvidia’s chips would push Chinese companies to develop stronger alternatives. Meanwhile, expanding adoption of Nvidia’s technology would grow the AI industry, benefiting David Sacks and his associates’ AI investments.
According to five people familiar with White House discussions, during internal meetings, David Sacks echoed Huang’s view that U.S. technological dominance was the best way to counter China. He worked to dismantle Biden-era restrictions on overseas sales by U.S. chipmakers like Nvidia and opposed regulations that could hinder foreign companies from purchasing American chips for international data centers.
With these restrictions lifted, David Sacks flew to the Middle East in May to finalize an agreement to deliver 500,000 U.S.-made AI chips—mostly from Nvidia—to the United Arab Emirates. Some White House officials were alarmed by the scale, fearing that China, an ally of the UAE, could gain access to the technology, according to people familiar with the matter.
But the deal was a major win for Nvidia. Analysts estimate the chip sales could reach as high as $200 billion.
President Trump with Sheikh Mohammed bin Zayed Al Nahyan, ruler of the UAE, in Abu Dhabi in May. To Trump’s immediate left is Commerce Secretary Howard Lutnick; behind him is Mr. David Sacks. Credit: Doug Mills/The New York Times
Mrs. Hoffman said David Sacks’ thinking stemmed from conversations with multiple stakeholders—not just Huang—and that he “wants the entire U.S. tech industry to win.” She said none of his holdings profited from the UAE deal.
Nvidia spokesperson Milin Mangalindan said Commerce Secretary Howard Lutnick was the primary point of contact for the company’s overseas AI chip sales.
On a May episode of the “All-In” podcast, David Sacks praised the UAE deal: “I define victory as the entire world aligning around American AI companies,” he said.
One obstacle remains to achieving that goal: lifting the U.S. ban on direct chip sales to China.
Four people familiar with the matter said that within the White House, David Sacks argued the ban actually strengthens China by redirecting chip sales to Huawei, Nvidia’s Chinese competitor.
In July, David Sacks and Huang presented this argument to Trump during a meeting in the Oval Office. Before the meeting ended, Trump approved Nvidia’s chip sales to China.
David Sacks’ Investment Portfolio
The White House has praised David Sacks for minimizing his financial conflicts of interest.
The ethics waivers granted to David Sacks state that he and Craft Ventures have sold over $200 million in cryptocurrency positions—including Bitcoin investments—and are in the process of divesting shares in AI-related companies such as Meta, Amazon, and xAI.
The White House says David Sacks has begun or completed the sale of “over 99% of holdings that could raise conflict-of-interest concerns.”
White House spokesperson Ms. Houston said David Sacks has recused himself from any matters that could affect his financial interests until conflicting assets were divested or waived.
However, the ethics waivers do not fully reflect the scope of David Sacks’ wealth, nor do they specify when he sold his shares in companies like Meta and Amazon.
According to The Times’ analysis, it is clear that David Sacks retains, directly or through Craft, 20 cryptocurrency and 449 AI-related investments.
Of these AI-related investments, 11 are explicitly designated as “AI equity” in one waiver, while the remaining 438 are categorized as software or hardware manufacturers—even though many promote AI products and services on their websites or include “AI” in their names (such as Resemble.AI and CrewAI). For example, Palantir is listed as “software-as-a-service” in the waiver, though the company’s website advertises “AI-driven automated decision-making.” Forty-one of the companies have “AI” in their names.
In one waiver, the White House stated that many software companies “do not currently apply AI-related technologies in a material way to their core operations,” but added that “many are likely to do so in the future.”
Policies championed by David Sacks in the White House have paved the way for growth in his investments.
The “AI Action Plan” promotes domestic production of AI innovations like autonomous drones for the Pentagon. According to his disclosure forms, David Sacks holds stakes in defense tech startups Anduril, Firestorm Labs, and Swarm Aero, which produce drones and other systems. In September, Anduril announced a $159 million contract with the U.S. Army to develop AI-powered night-vision goggles.
Anduril spokesperson Shannon Pryor said the company’s relationship with the Army predated the AI Action Plan and that the contract was awarded because its founder, Palmer Luckey, is “one of the world’s top VR headset designers.” Ms. Hoffman said including military AI applications in policy planning was “an obvious course of action.”
Earlier this spring, David Sacks also supported the GENIUS Act, legislation aimed at regulating stablecoins—cryptocurrencies designed to maintain a stable $1 value. He promoted the bill on CNBC and pushed for its passage in Congress.
After the bill passed in July, David Sacks called it “historic” and “huge” on “All-In,” saying it could significantly expand the stablecoin industry.
President Trump with David Sacks, moments before signing the GENIUS Act, which David Sacks called “huge.” Credit: Haiyun Jiang/The New York Times
One of Craft’s cryptocurrency investments, BitGo, partners with stablecoin issuers. BitGo celebrated the passage of the GENIUS Act on its website and immediately claimed its services were “perfectly aligned” with the new guidelines. “The wait is over,” the site declared.
In September, BitGo filed for an IPO. According to financial documents, Craft holds a 7.8% stake, valued at over $130 million based on BitGo’s 2023 valuation.
BitGo declined to comment. Ms. Hoffman said the passage of the GENIUS Act “did not confer specific benefits on BitGo.”
Since David Sacks entered the White House, AI companies have continued announcing new investments from Craft. In July, Vultron, a startup developing AI software for government contractors, celebrated $22 million in new funding and highlighted the involvement of “Craft Ventures, co-founded by White House AI adviser David Sacks.”
Mark Liu, CEO of Vultron, said the funding was finalized before David Sacks joined the government. “We mentioned David because he’s a celebrity in the AI world,” he said.
David Sacks remains on the board of Glue, an AI-assisted chat platform startup he helped found. In October, Glue announced $20 million in new funding, including investment from Craft.
Ms. Hoffman said David Sacks stepped off other company boards before joining the Trump administration but retained his seat at Glue because “the system allows it.” She said the funding round was completed last year. Glue did not respond to requests for comment.
Advancing the “All-In” Podcast
In a March episode of “All-In,” hosts Friedberg and Palihapitiya stood outside the White House East Wing.
Palihapitiya said they had just been “walking around” the White House, and the show included photos of them passing through paneled rooms and meeting up with David Sacks in a corridor connecting the East and West Wings.
The podcast hosts then interviewed Treasury Secretary Scott Bessent on economic policy. A few days later, they returned for a nearly two-hour interview with Lutnick. Two months later, they interviewed the agriculture and interior secretaries. In September, “All-In” released a video of Trump giving them a private tour of the Oval Office.
David Sacks sits to the right of President Trump during a March White House digital assets summit. Since mid-2024, Trump has appeared on the "All-In" podcast three times. Credit: Haiyun Jiang for The New York Times
David Sacks’ government role has elevated the podcast’s profile, which now sees 6 million downloads per month. Based on its $7,500 ticket price and public attendance figures, its annual conference in Los Angeles generated approximately $21 million in ticket sales this year—up from $15 million last year. In June, the podcast launched an “All-In” branded tequila priced at $1,200 per bottle.
Ms. Hoffman said David Sacks has forfeited revenue tied to AI and cryptocurrency sponsorships but can still participate in profits from tequila sales and event tickets. Jon Hall, CEO of the podcast, did not respond to requests for comment.
David Sacks’ personal business and policy work converged in July at the Washington AI event, where he designated “All-In” as the host.
But two people familiar with the matter said White House Chief of Staff Wiles did not want the government seen as endorsing the “All-In” brand. They said she insisted on adding a co-host. Ms. Hoffman said David Sacks reached out to organizers of the “Hill and Valley Forum,” an annual conference for tech and government officials.
Visa and the New York Stock Exchange sponsored the AI summit, but organizers declined to disclose sponsorship amounts. Ms. Hoffman said “All-In” lost money hosting the event and “did not hold a VIP reception.” The NYSE declined to comment; Visa did not respond to requests for comment.
David Sacks opened the event describing his White House experience as “incredible” and praised the administration’s work on AI and cryptocurrency. He then handed over hosting duties to his “All-In” co-hosts, who interviewed Jensen Huang of Nvidia and White House officials onstage.
During the keynote, Trump praised David Sacks as “terrific” and signed an executive order accelerating data center construction and AI system exports.
Then, he handed the presidential pen to David Sacks.
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