David Sacks, Trump’s AI and Crypto Czar, Slams New York Times for Sensationalism in 2024

• Why Is David Sacks Calling Out The New York Times?
• What’s the Core of the Conflict?
• How Has Sacks Responded?
• The Bigger Picture: Media and Crypto Tensions
• What’s Next for Sacks and the Times?
• FAQs

David Sacks, a key advisor to former President Donald Trump on AI and cryptocurrency, has publicly criticized The New York Times for what he calls "sensationalist journalism" in a recent article about his alleged conflicts of interest. Sacks, a Silicon Valley entrepreneur turned government advisor, claims the Times ignored his detailed rebuttals and continued pushing a misleading narrative. The controversy highlights broader debates about media bias and the ethics of financial reporting in the tech and crypto sectors.

Why Is David Sacks Calling Out The New York Times?

David Sacks, who serves as a special government employee advising the Trump administration on artificial intelligence and cryptocurrency policy, took to social media platform X to blast The New York Times for what he describes as a "hit piece" filled with unsubstantiated claims. The article in question suggested Sacks had unresolved conflicts of interest due to his venture capital background and past investments in AI and crypto companies. Sacks fired back, saying the Times ignored months of documented refutations and instead published "a collection of anecdotes that don’t support their headline."

What’s the Core of the Conflict?

The dispute centers on whether Sacks’ financial holdings—particularly his stakes in AI and crypto-related companies through his firm Craft Ventures—create ethical dilemmas in his government role. While Sacks disclosed selling over $200 million in crypto assets before joining the administration (including $85 million of his personal holdings), the Times highlighted that he retained 708 tech investments, including 449 tied to AI and 20 to cryptocurrencies. Sacks argues these remaining illiquid "private equity-style" holdings don’t pose conflicts, as they’re unrelated to his policy work. The Office of Government Ethics granted him waivers to retain certain investments while requiring divestment from others.

How Has Sacks Responded?

Frustrated by what he sees as the Times’ refusal to correct its narrative, Sacks hired Clare Locke LLP, a defamation law firm, to pressure the publication. He shared their legal letter publicly, accusing the Times of deliberately distorting facts. "Every time we disproved one claim, they’d pivot to another," Sacks wrote. His spokesperson, Jessica Hoffman, emphasized that he fully complied with federal ethics rules. Meanwhile, industry figures like Coinbase CEO Brian Armstrong weighed in, calling the Times "a political propaganda machine" that prioritizes outrage over journalism.

The Bigger Picture: Media and Crypto Tensions

This clash reflects ongoing friction between crypto advocates and mainstream media. Sacks’ case underscores how complex financial disclosures in emerging tech sectors can be weaponized—or misunderstood. While the Times maintains its reporting was fair, critics argue legacy outlets often misrepresent crypto’s nuances. As regulatory scrutiny intensifies, such disputes may become more common. (This article does not constitute investment advice.)

What’s Next for Sacks and the Times?

Sacks vows to keep challenging the Times’ coverage, while the publication stands by its story. For observers, the saga raises questions about how media should cover figures bridging Silicon Valley and Washington—especially in fast-moving fields like AI and crypto where financial ties are intricate. One thing’s clear: this won’t be the last heated exchange between tech leaders and traditional media.

FAQs

Who is David Sacks?

David Sacks is a Silicon Valley entrepreneur (co-founder of Craft Ventures) and former PayPal executive who now advises the TRUMP administration on AI and cryptocurrency policy.

What did The New York Times allege?

The Times suggested Sacks’ retained tech investments could influence his policy decisions, despite his divestment from most crypto holdings.

How has the crypto community reacted?

Many industry leaders, including Coinbase’s CEO, have sided with Sacks, criticizing the Times’ approach to crypto reporting.