Deconstructing the Sacks Fortune: An Analytical Report on the Net Worth of a Silicon Valley Operator and Investor

Section 1: The Estimation Enigma: From Millions to Billions

Determining the net worth of David Oliver Sacks presents a significant analytical challenge, characterized by a wide and often contradictory range of public estimates.

These figures span from a modest valuation in the low tens of millions to speculative sums exceeding $1.5 billion.¹

This disparity is not merely a result of market fluctuations but is rooted in fundamental methodological challenges inherent in valuing the complex, largely illiquid assets of a prolific venture capitalist and angel investor.

Publicly available data often provides a fragmented and misleading picture, leading to valuations that are either dramatically understated or based on unverified assumptions.

A rigorous analysis requires moving beyond simplistic metrics and deconstructing the constituent components of Sacks’ wealth, from foundational liquidity events to the ongoing value creation within his venture capital firm and private investment portfolio.

Cataloging the Contradictions

The public domain offers a spectrum of net worth estimates for David Sacks, each based on different data sets and analytical approaches.

These can be categorized into three distinct tiers, which highlight the core of the estimation enigma.

• Low-End Outlier: At the extreme low end, financial data aggregators that rely exclusively on public filings produce figures that are factually accurate but contextually meaningless as a measure of total wealth. For instance, one report estimates Sacks’ net worth at “at least $9 Million dollars” as of mid-2025.⁴ This figure is derived solely from his publicly disclosed holdings as a director at Rumble Inc. (RUM), where he owned 1,034,494 shares valued at approximately $8.7 million as of April 2024.⁴ This represents a classic “public filings trap,” where automated systems capture a minor, visible asset while completely overlooking the vast, private holdings that constitute the bulk of his fortune.
• Mid-Range Estimates: A more common cluster of estimates places Sacks’ net worth in the $200 million to $300 million range.⁵ These figures appear to be heavily anchored to the last major, publicly quantified liquidity event in his career: the 2012 sale of his company, Yammer, to Microsoft for $1.2 billion.⁵ An estimate of $200 million, for example, is a plausible calculation of his after-tax proceeds from that sale, combined with modest investment growth over the subsequent decade.⁵ However, this methodology suffers from a significant anchor bias, as it fails to adequately account for the compounding returns generated by his highly successful angel investments and venture capital activities in the years following the Yammer exit.
• High-End Speculation: The highest estimates, which range from $1.5 billion to as much as $2.2 billion, represent a third tier of valuation.¹ While often presented with less direct substantiation, these figures correctly intuit that the primary driver of Sacks’ current wealth is not the residual cash from past exits, but the immense, unrealized gains within his portfolio of private investments. These estimates implicitly account for his early, successful bets on unicorn companies like SpaceX, Uber, and Airbnb, recognizing that the appreciation of these assets has far outpaced the baseline growth of his earlier liquidity events.¹ The inclusion of Sacks on the Forbes Midas List of top tech investors, largely attributed to his early investment in SpaceX, lends significant credence to the thesis that his net worth has ascended into the ten-figure range.¹²

Table 1: Comparison of Public Net Worth Estimates for David Sacks

Source	Estimated Net Worth	Date of Estimate	Stated Rationale / Methodology
GuruFocus	At least $9 Million	2025	Based solely on publicly disclosed holdings in Rumble Inc. (RUM) per SEC filings.4
EarlyNode	$200 Million	2023	Cites his role as PayPal COO, founder of Yammer, and co-founder of Craft Ventures.5
Capitaly.vc	$200 Million	2024	Primarily attributes wealth to the $1.2 billion sale of Yammer to Microsoft.6
BBN Times	~$300 Million	2023	Cites the Yammer sale, his early role at PayPal, and investments in startups like Airbnb, Uber, and SpaceX.7
Capitaly.vc (alt)	$250 Million – $1.5 Billion	2024	Acknowledges the wide range, citing his phenomenal track record from PayPal to investments in SpaceX and Reddit.1
Pinterest/Source	$1.5 Billion	2024	General statement citing his role as an author, investor, and general partner at Craft Ventures.3
Reddit/Community	$100 Million – $1.5 Billion	2023	User discussion reflecting the wide public uncertainty, with some pointing to the $1-2B range.2
CoinFinz	Upwards of $2.2 Billion	2024	Cites the PayPal and Yammer exits, as well as the growth of Craft Ventures’ AUM to $3.3 billion.8

Methodological Deep Dive

The vast divergence in these estimates stems from the inherent opacity of the assets in question.

A precise valuation is confounded by several factors:

1. Opacity of Private Market Valuations: The majority of Sacks’ wealth is tied up in private companies, most notably SpaceX. Unlike public stocks, private equity valuations are not marked-to-market daily. They are typically updated only during new funding rounds, and even then, the value is an estimate, not a liquid price. The valuation of his stake in SpaceX, for example, depends heavily on the specific private market valuation used (which can fluctuate) and his unknown entry point and ownership percentage.¹²
2. Illiquidity of Venture Capital Assets: Sacks’ interests in Craft Ventures are twofold: his ownership of the general partnership (the management company) and his right to carried interest (a share of fund profits). Both are highly illiquid and difficult to value. The GP stake’s value is based on a discounted cash flow analysis of future management fees, while the value of carried interest is contingent on the successful exit of portfolio companies, an event that may be years in the future.¹⁴
3. Difficulty in Tracking Angel Investments: Sacks has been an active angel investor for over two decades, with a portfolio of over 79 documented investments.¹⁰ Tracking the entry point, follow-on investments, and current status of each of these private companies is a monumental task that is beyond the scope of public data aggregators.

This report will now proceed with a bottom-up analysis, systematically modeling the value of each component of Sacks’ fortune to arrive at a more rigorously defended and nuanced final valuation.

Section 2: The Foundational Exits: PayPal and Yammer

The bedrock of David Sacks’ personal fortune was laid by two pivotal liquidity events more than a decade apart: the sale of PayPal to eBay in 2002 and the sale of his own company, Yammer, to Microsoft in 2012.

A forensic analysis of these transactions reveals not only the scale of his initial capital base but also crucial distinctions in the nature of the payouts, which profoundly influenced his subsequent career as an investor.

2.1 The PayPal Windfall (2002)

David Sacks’ tenure at PayPal was formative, establishing him as a key operator within the group that would later be famously dubbed the “PayPal Mafia”.¹⁷

In 1999, he left a position as a management consultant at McKinsey & Company to join the e-commerce startup Confinity, co-founded by Peter Thiel and Max Levchin.¹⁸

Sacks served as the company’s first Chief Operating Officer (COO) and product leader, playing an instrumental role in its strategic direction.⁵

He is credited with helping to pivot the product from its initial concept of transferring money between Palm Pilots to the far more scalable model of emailing money on the web, a move that was critical to its explosive growth.¹⁰

As COO, he oversaw the development of key departments including sales, marketing, customer service, and human resources, helping to grow PayPal’s annual revenue to over $200 million within three years.⁵

The culmination of this rapid growth was PayPal’s acquisition by eBay in October 2002 for $1.5 billion.¹⁸

The transaction was structured as an all-stock deal, meaning PayPal shareholders received eBay stock rather than cash.²²

Modeling Sacks’ personal payout from this deal requires estimation, as his precise equity stake is not public.

However, we can construct a reasonable range based on his position and comparative data.

Elon Musk, who became a major shareholder after his company X.com merged with Confinity, reportedly netted between $175.8 million and $250 million from the acquisition.²³

As a founding-era COO and a key executive listed on the company’s S-1 IPO filing, Sacks’ stake would have been substantial, though certainly less than that of the principal founders and CEO.¹⁰

Given the complex 50/50 merger dynamics between Confinity and X.com, which diluted the original stakeholders, a modeled equity stake for a C-level executive like Sacks in the range of 1% to 2% is a plausible estimate.

This would have translated to a pre-tax value of $15 million to $30 million in eBay stock at the time of the acquisition.

While a significant windfall, this outcome underscores the difference between being a key early executive and a primary founder.

2.2 The Yammer Jackpot (2012)

The sale of Yammer was the single most important liquidity event in David Sacks’ career, transforming him from a wealthy executive into a major financial force in Silicon Valley.

After PayPal, Sacks founded the genealogy website Geni.com in 2006.¹⁸

In 2008, an internal communications tool developed at Geni was spun off into a standalone company, Yammer, with Sacks as its Founder and CEO.⁵

Yammer, often described as “Slack before Slack” or “Facebook for the workplace,” pioneered the enterprise social network and experienced meteoric growth.⁵

It utilized a “bottom-up” viral adoption strategy that made it one of the fastest-growing Software-as-a-Service (SaaS) companies in history, accumulating over eight million enterprise users in just four years.⁵

This success culminated in July 2012, when Microsoft acquired Yammer for $1.2 billion in an all-cash transaction.⁷

The deal remains one of the fastest unicorn exits in SaaS history.¹⁰

As the Founder and CEO, Sacks held the largest individual equity stake in the company.

Over its four-year life, Yammer raised approximately $142 million in venture capital from firms including Founders Fund, Charles River Ventures, and DFJ Growth.¹⁸

This external funding would have diluted his initial ownership.

Assuming a typical dilution pattern for a founder-CEO through multiple funding rounds, it is reasonable to model Sacks’ ownership stake at the time of sale in the 15% to 25% range.

Applying this ownership model to the $1.2 billion cash purchase price yields an estimated pre-tax personal payout for Sacks of between $180 million and $300 million.

This event provided him with an immense pool of immediate, non-volatile liquid capital.

Unlike the PayPal stock deal, the Yammer cash was not subject to market risk or lock-up periods, giving Sacks the “dry powder” to dramatically escalate his angel investing activities and, a few years later, co-found and capitalize his own venture firm, Craft Ventures.

Following the acquisition, Sacks remained at Microsoft for two years to oversee the integration before departing in 2014.²⁹

The stark contrast between the two exits is illuminating.

While the headline value of the PayPal acquisition was larger ($1.5 billion vs. $1.2 billion), the Yammer sale likely generated a personal windfall for Sacks that was an order of magnitude greater.

This demonstrates a fundamental principle of wealth creation in the tech industry: while being an early, key employee at a successful startup can be highly lucrative, the economic rewards of being a founder are transformative.

Table 2: Estimated Proceeds from Foundational Exits (PayPal & Yammer)

Company	Year of Exit	Acquisition Value	Sacks’ Role	Estimated Equity Stake Range (Modeled)	Estimated Pre-Tax Proceeds (Range)	Notes on Transaction
PayPal	2002	$1.5 Billion	COO & Product Leader	1.0% – 2.0%	$15 Million – $30 Million	All-stock deal with eBay.18
Yammer	2012	$1.2 Billion	Founder & CEO	15% – 25%	$180 Million – $300 Million	All-cash deal with Microsoft.27

Section 3: The Wealth Multiplier: Craft Ventures

Following his operational successes at PayPal and Yammer, David Sacks transitioned into a full-time investor, co-founding Craft Ventures in late 2017.⁵

This firm now represents his primary business activity and is a critical component of his current income and long-term wealth potential.

Analyzing this component of his net worth requires a clear distinction between the firm’s assets under management (AUM) and the personal wealth Sacks derives from managing that capital.

A common error is to conflate a firm’s AUM with a partner’s personal fortune; in reality, the AUM is the capital base from which a General Partner (GP) generates wealth through fees and profit-sharing.

3.1 The Venture Capitalist’s Ledger: A Primer on GP Economics

The financial model of a venture capital firm like Craft Ventures is typically based on the “2 and 20” structure, which creates two distinct streams of income and wealth for its general partners.

• Management Fees: The “2” in the model refers to an annual management fee, typically around 2% of the total capital committed by the fund’s investors (Limited Partners, or LPs). This fee is intended to cover the firm’s operating expenses, including salaries, office space, and support services. For the GPs, this provides a stable and substantial multi-million dollar annual income stream, independent of the fund’s investment performance. With Craft’s total AUM at $3.3 billion, this fee structure generates significant operational revenue for the partnership.¹⁴
• Carried Interest: The “20” refers to carried interest, or “carry,” which is the primary wealth-generation mechanism for VCs. This is the GP’s share of the profits generated by the fund’s investments. Typically, after the LPs have received their initial capital back (the “return of principal”), the GPs are entitled to 20% of all subsequent profits. This creates a powerful incentive for GPs to generate high returns. Carried interest represents the potential for exponential wealth creation, but it is performance-dependent, long-term, and highly illiquid, as it is only realized when portfolio companies are sold or go public.

3.2 Craft Ventures: Funds, AUM, and GP Stake Valuation

Craft Ventures has demonstrated a formidable ability to raise capital, reflecting strong market confidence in its partnership and strategy.

The firm’s fundraising trajectory shows rapid growth in scale and scope.

• Fundraising Trajectory:

• Craft Ventures I (2017): $350 million ³⁰
• Craft Ventures II (2019): $500 million ³⁰
• Craft Ventures III & Growth I (2021): A combined $1.12 billion ($612 million and $510 million, respectively) ¹⁴
• Craft Ventures IV & Growth II (2023): A combined $1.32 billion ($712 million and $608 million, respectively) ¹⁴

This series of successful fundraises has brought the firm’s total assets under management to an impressive $3.3 billion as of late 2023.⁷

The general partnership of Craft Ventures is itself a valuable, albeit illiquid, asset.

Its value can be modeled based on the net present value of its future management fee streams over the typical 10-year life of its funds.

As a co-founder and general partner, Sacks holds a significant share of this entity, which contributes a baseline value to his net worth separate from any potential investment profits.

Table 3: Craft Ventures Fund Structure and AUM

Fund Name	Vintage Year	Fund Size	Estimated Annual Management Fee (at 2%)	Status
Craft Ventures I	2017	$350 Million	~$7 Million	Harvesting / Follow-on
Craft Ventures II	2019	$500 Million	~$10 Million	Harvesting / Follow-on
Craft Ventures III	2021	$612 Million	~$12.2 Million	Investing
Craft Ventures Growth I	2021	$510 Million	~$10.2 Million	Investing
Craft Ventures IV	2023	$712 Million	~$14.2 Million	Investing
Craft Ventures Growth II	2023	$608 Million	~$12.2 Million	Investing
Total AUM		$3.3 Billion	~$65.8 Million (Peak Annual)

3.3 Portfolio Deep Dive and Carried Interest Potential

Craft’s investment thesis is sharply focused, leveraging Sacks’ deep expertise in Software-as-a-Service.

The firm primarily targets early-stage SaaS and marketplace businesses, often applying the “Bottom Up SaaS” playbook that Sacks pioneered at Yammer, which combines product-led growth with enterprise sales.¹

The firm’s portfolio includes a number of high-profile, high-growth companies that have achieved “unicorn” status (valuations over $1 billion), such as ClickUp, Vanta, Sourcegraph, and Vendr.⁵

However, a critical nuance in assessing Craft’s performance is the distinction between its fund investments and the partners’ personal angel investing history.

An analysis reveals that many of the most famous “exits” listed on Craft’s portfolio page—including Airbnb, Palantir, Uber, Twitter, Slack, and even Yammer itself—are pre-2017 angel investments made personally by Sacks and his co-founding partners, Bill Lee and Jeff Fluhr.³⁶

These successes were retroactively attributed to the firm’s track record, a common and permissible practice to demonstrate the partners’ acumen to potential LPs.

This distinction is vital for valuation.

The monumental financial returns from these legendary exits belong to the partners’ personal accounts, not to the LPs of Craft’s funds.

Therefore, when modeling the potential carried interest for Sacks, the analysis must focus exclusively on the performance of investments made by Craft’s funds since 2017.

While the firm has had successful exits from this cohort, such as CloudKitchens, Harbor, and Lumina, the ultimate value of Sacks’ carried interest will depend on the future exits of current portfolio leaders like ClickUp and Vanta.³¹

The potential for a massive carry payout is significant, but it remains an unrealized, future possibility contingent on the performance of this newer vintage of companies.

Section 4: The Midas List Portfolio: Angel and Personal Investments

The largest and most difficult-to-value component of David Sacks’ wealth is his extensive personal portfolio of angel investments, built over two decades.

This portfolio is a testament to his access, acumen, and the powerful network effects of the “PayPal M.F.A.” It is the performance of these private investments, far more than the cash from his operational exits, that elevates his net worth into the highest estimated tiers and secured his place on the Forbes Midas List.¹²

4.1 The Unicorn Stable: A Portfolio of Legends

Sacks is a documented early investor in an extraordinary list of over 20 companies that have achieved unicorn status.

His portfolio reads like a hall of fame of the Web 2.0 and modern tech eras, including confirmed early-stage investments in Facebook, Uber, SpaceX, Palantir Technologies, Airbnb, Lyft, Slack, Reddit, and Postmates.¹⁰

This track record exemplifies the venture capital power law, where the returns are not evenly distributed but are dominated by a small number of massive winners.

The success of this strategy is externally validated by his debut on the Forbes Midas List, a definitive ranking of the world’s top venture capitalists.

Forbes explicitly states that his inclusion is largely attributable to his early and successful bet on SpaceX, underscoring that this single investment has the potential to be worth more than all his other investments combined.¹²

4.2 Modeling the SpaceX Grand Slam

The investment in SpaceX is the crown jewel of Sacks’ angel portfolio and the single most important variable in any high-end valuation of his net worth.

His access to this generational investment opportunity is a direct result of the “PayPal Mafia” network; SpaceX was founded by his former PayPal colleague, Elon Musk, who used his own proceeds from the eBay acquisition to fund the new venture.²⁴

Sacks’ participation as an early investor was a natural extension of this high-trust network.¹¹

While his precise entry point and ownership stake are private, it is possible to model the potential returns.

SpaceX has achieved a private market valuation that has soared towards $400 billion in mid-2025 ⁴¹, with some reports citing a $350 billion figure.¹²

A hypothetical analysis of an early investment provides a glimpse into the scale of the return.

For example, a $10,000 investment in SpaceX’s 2002 Series A round would be worth approximately $129 million by mid-2025, a staggering 12,915x multiple.⁴²

To model the value of Sacks’ stake, a scenario analysis is appropriate.

Assuming he made a more substantial investment, typical for an angel of his stature (e.g., in the range of $250,000 to $1 million), and entered at an early but perhaps post-Series A round, his stake could plausibly be valued in the hundreds of millions of dollars today.

If his entry point and allocation were more significant, a valuation exceeding $1 billion from this single investment is within the realm of possibility.

This single holding likely represents the largest component of his entire net worth.

Table 4: Analysis of Key Angel Investments and Modeled Returns

Company	Year of Investment (Est.)	Notable Co-Investors	Exit/Current Status	Current Valuation (if private)	Modeled Return / Estimated Value of Stake
SpaceX	2008-2012	Founders Fund (Peter Thiel), DFJ	Private	~$350 Billion 12	High Impact: Estimated value could range from $250M to over $1B, depending on initial check size and entry valuation. This is the primary driver of his net worth.
Uber	2011 (Angel-Seed)	PayPal Mafia members	Public (IPO 2019)	Market Cap Varies	Significant Return: Early entry suggests a substantial multiple on investment, likely contributing tens of millions to his net worth.
Facebook	2007 (Angel)	Peter Thiel, Reid Hoffman	Public (IPO 2012)	Market Cap Varies	High Return: An early angel investment would have generated a very high multiple, though his stake would be small relative to the total cap.
Palantir	2009 (Angel)	Peter Thiel	Public (DPO 2020)	Market Cap Varies	Significant Return: Another successful PayPal Mafia network investment, likely generating a strong return.
Airbnb	2013 (Angel)	Sequoia Capital	Public (IPO 2020)	Market Cap Varies	Significant Return: Investment in a category-defining company that has performed well post-IPO.
Slack	Angel-Seed	Multiple VCs	Acquired by Salesforce (2021)	$27.7 Billion (Acq. Price)	High Return: Investment in a company that saw a major strategic acquisition.

4.3 Public Filings and Other Holdings

While the bulk of his portfolio is private, a few public data points exist.

Sacks serves as a director for the video platform Rumble Inc. (RUM) and, as of April 2024, held over 1 million shares worth approximately $9 million.⁴

Filings also show he sold over 700,000 shares for around $5 million in early 2024, realizing a small portion of this holding.⁴

His earlier entrepreneurial ventures also contributed to his capital base.

He founded Geni.com in 2006, which was acquired by MyHeritage in 2012 for an undisclosed sum.⁵

He also produced and financed the successful independent film

Thank You for Smoking.¹⁸

While financially positive, the impact of these events is minor compared to the scale of his major tech exits and investments.

4.4 The Crypto Portfolio and Political Pivot

Sacks was an early and active investor in cryptocurrency, with known holdings in Bitcoin (BTC), Ethereum (ETH), and an early purchase of Solana (SOL).⁵

However, his recent foray into politics has directly impacted this portfolio.

In late 2024, he was appointed to serve as the White House AI and Crypto Czar in the incoming Trump administration.²³

To address potential conflicts of interest, Sacks confirmed that he and Craft Ventures divested from their direct holdings of cryptocurrencies prior to the start of the administration.¹⁸

While Craft Ventures retains equity stakes in various crypto-related startups, Sacks’ personal, direct exposure to the volatility of crypto assets has been neutralized.

This strategic divestiture highlights the increasing intersection of his financial interests and his growing political influence.

Section 5: A Consolidated Valuation

Synthesizing the analysis of David Sacks’ foundational exits, venture capital activities, and extensive angel portfolio allows for the construction of a consolidated, asset-based valuation.

This bottom-up approach provides a more structured and defensible estimate of his net worth than the disparate figures available in the public domain.

The final valuation is presented as a range to account for the inherent uncertainties in valuing illiquid private assets.

5.1 The Sacks Balance Sheet: An Asset-Based Valuation

The following table aggregates the estimated values of Sacks’ major assets, categorized by type and liquidity.

The valuation hinges on several key assumptions, particularly the after-tax proceeds from his major exits and the modeled value of his stake in SpaceX.

Table 5: Consolidated Estimated Net Worth of David Sacks

Asset Class	Low Estimate ($)	High Estimate ($)	Key Assumptions & Source Sections
Liquid Assets (Cash & Equivalents)	$150,000,000	$250,000,000	Represents estimated after-tax proceeds from PayPal and Yammer exits, plus realized gains and income, less two decades of expenditures, taxes, and reinvestment. (See Section 2)
Publicly-Traded Securities	$9,000,000	$9,000,000	Value of disclosed holdings in Rumble Inc. (RUM) as of Q2 2024. (See Section 4.3) 4
Angel Investment Portfolio	$400,000,000	$1,200,000,000+	Dominated by the modeled value of his early-stage investment in SpaceX. The range reflects uncertainty in his initial check size, entry valuation, and current private market valuation of SpaceX. Includes value from other unicorn investments like Uber, Palantir, etc. (See Section 4.2) 12
Craft Ventures – GP Stake	$30,000,000	$50,000,000	Estimated present value of his share of future management fee streams from Craft’s $3.3B AUM. An illiquid asset. (See Section 3.2) 14
Craft Ventures – Carried Interest	$50,000,000	$200,000,000+	Estimated present value of his share of potential future profits from Craft’s funds. Highly speculative and dependent on future successful exits of portfolio companies like ClickUp and Vanta. (See Section 3.3) 35
Total Estimated Net Worth	$639,000,000	$1,709,000,000+	Aggregated total of all asset classes.

5.2 Final Estimate and Key Variables

Based on the comprehensive, bottom-up analysis of his known assets, liquidity events, and investment activities, the net worth of David Sacks is estimated to be in the range of $640 million to $1.7 billion.

The lower end of this range represents a conservative scenario, assuming a smaller initial stake in SpaceX and more modest returns from his other angel investments and future carried interest.

The higher end of the range, which could extend further, reflects a more aggressive but highly plausible scenario in which his stake in SpaceX has compounded to a value exceeding $1 billion.

This wide range is unavoidable and directly reflects the uncertainty surrounding his single most valuable asset.

The final valuation is primarily driven by three key variables:

1. The Yammer Exit Proceeds: The all-cash sale of Yammer in 2012 provided the foundational liquid capital for his subsequent investment career. The accuracy of the estimated $180 million to $300 million pre-tax payout is a key input for his baseline wealth.
2. The SpaceX Investment Performance: This is the single most significant factor. The valuation of his net worth is exceptionally sensitive to the assumed entry point, initial investment size, and current private market valuation of his stake in SpaceX. The analysis strongly suggests this single holding is the largest component of his wealth.
3. Future Performance of Craft Ventures: While his GP stake provides a stable asset value, the potential for his net worth to grow substantially from here is tied to the performance of Craft’s funds. Successful exits from portfolio companies like ClickUp, Vanta, and Sourcegraph would trigger significant carried interest payments, adding hundreds of millions to his fortune in the coming years.

In conclusion, David Sacks’ financial standing is that of a highly successful operator who leveraged a nine-figure liquidity event into a ten-figure fortune through astute, network-driven venture investing.

While public estimates vary wildly, a detailed deconstruction reveals that his inclusion in the billionaire class is not only plausible but likely, driven almost entirely by the power-law dynamics of venture capital and one legendary investment in SpaceX.

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