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How billionaire Caltagirone could influence Italy’s banking M&A wave
How billionaire Caltagirone could influence Italy’s banking M&A wave
David Sacks, a prominent venture capitalist and former PayPal executive, has been appointed as the “White House A.I. & Crypto Czar” by US President-elect Donald Trump.
Known for his deregulatory stance, Sacks is expected to focus on providing regulatory clarity for digital assets while adopting a light-touch approach to AI governance.
Born in South Africa and now 52 years old, David Sacks has had a storied career in technology and business.
He is a founding member of the “PayPal Mafia,” a group of influential tech entrepreneurs that includes Elon Musk and Peter Thiel.
During his tenure as PayPal’s COO, he helped establish the platform as a leading payment processor before it was acquired by eBay in 2002.
Sacks later founded Yammer, an enterprise social network that Microsoft purchased for $1.2 billion in 2012.
He also served as CEO of Zenefits and co-founded Craft Ventures, a venture capital firm that has backed successful startups like SpaceX, Reddit, and ClickUp.
Sacks has been a vocal advocate for cryptocurrencies, describing them as fulfilling the “original vision” of PayPal—a system where payments remain within a secure, decentralized network.
In a 2017 interview with CNBC, he called Bitcoin and Ethereum revolutionary, likening them to a “decentralized web” or an “internet of money.”
His hands-on experience with cryptocurrencies extends to holding assets like Solana (SOL) and investing in blockchain startups.
Sacks’ technical and commercial understanding of digital currencies is seen as a significant advantage as he takes on his new role.
While Sacks has not been as outspoken about artificial intelligence, his approach to governance aligns with the views of Silicon Valley’s libertarian-leaning investors.
Observers predict he will prioritize regulating the use of AI in critical applications rather than imposing heavy restrictions on AI development—a stance that contrasts with more stringent regulatory efforts like California’s failed SB 1047 bill.
In his new role, Sacks will oversee the development of a comprehensive legal framework for the cryptocurrency industry, addressing the lack of clarity that has hindered its growth in the US.
This includes leading a newly established White House advisory council on science and technology.
Additionally, he will work alongside other Trump-appointed officials, including Paul Atkins at the SEC, to ensure that US policy fosters innovation while implementing necessary guardrails.
Sacks’ deregulatory leanings suggest a pro-growth environment for digital assets and AI, aligning with Trump’s vision to make the US the “crypto capital of the planet.”
Sacks’ appointment has been met with enthusiasm from industry leaders.
David Sacks is the very best of America – a successful entrepreneur, a principled free speech absolutist and a brilliant technologist. He will make sure the US stays at the forefront of AI and Crypto – two of the most consequential technological movements in history.
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OpenAI CEO Sam Altman congratulated him on X (formerly Twitter), while Kindred Ventures founder Steve Jang praised his balanced regulatory approach.
According to Matthew Dibb, CIO at Astronaut Capital, Sacks brings a level of technical and commercial competence that positions him as a transformative figure in both the crypto and AI spaces.
The post Who is David Sacks? Trump’s new crypto and AI ‘czar’ appeared first on Invezz
MILAN (Reuters) -Italian billionaire Francesco Gaetano Caltagirone has emerged as a leading player in the reshaping of Italy’s financial sector that is currently under...
MILAN (Reuters) -Italian billionaire Francesco Gaetano Caltagirone has emerged as a leading player in the reshaping of Italy’s financial sector that is currently under...
MILAN (Reuters) -Italian billionaire Francesco Gaetano Caltagirone has emerged as a leading player in the reshaping of Italy’s financial sector that is currently under...
Oil prices were mostly flat after rising earlier in the session on Thursday due to a fall in US inventories. According to the US...
