BUSINESS-ECONOMY
Trump announced the appointment of David Sacks, a venture investor from craft ventures to the newly created role of Artificial Intelligence and Crypto czar. This appointment demonstrates the president-elect's commitment to bolstering two dynamic and rapidly growing industries. Trump said that sacks will also serve as the head of the presidential council of advisors on science and technology. By selecting sacks, trump has elevated one of his most vocal Silicon Valley backers and contributors to a senior position in his government. In June, Sacks co-hosted a dinner at his San Francisco home with tickets priced at $300,000. He was instrumental in boosting Trump's fundraising among supporters from the tech industry. His ties to Ohio senator and former investor JD Vance go deep. Trump, in a post on his truth social network, said, "David will guide policy for the administration in Artificial Intelligence and Cryptocurrency, two areas critical to the future of American competitiveness." He added, "David will focus on making America the clear global leader in both areas." Sacks rose to prominence in the tech business while serving as COO of Paypal, a payments corporation co-founded in the late 90s by Elon Musk and Peter Thiel, two of the world's wealthiest entrepreneurs. After selling it to Ebay, Sacks moved on to Hollywood and made the parody - 'thank you for smoking' in 2005. In 2012, Microsoft paid $1.2 billion to acquire Yammer, a workplace messaging startup Sacks co-founded in Silicon Valley. He has invested in musk's companies, including SpaceX, through his venture capital firm craft ventures, which he established in 2017. The new role will help with Trump's campaign pledge to deregulate the crypto industry. With this position, crypto enthusiasts will have a point of contact with the white house, trump and congress. Government agencies like the SEC and CTFC will be able to work together on issues about digital assets. Trump said Sacks would "work on a legal framework so the crypto industry has the clarity it has been asking for and can thrive in the US." None
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