La venta de Sacks: ¿Una salida estratégica o una apuesta perdida en la carrera financiera de xAI de 230 mil millones de dólares?

The specific event is a mandated divestment. Before officially starting his role as AI & Crypto Czar, venture capitalist David Sacks sold over $200 million in digital asset-related investments, including stakes in foundational AI companies like xAI. This was not a voluntary move but a condition for his appointment, aimed squarely at minimizing perceived conflicts of interest. A White House memo, dated March 5, required the sale of publicly traded stocks like Amazon and Taiwan Semiconductor Manufacturing by the end of the first quarter, with Meta shares to be divested by the end of March. The scale was significant, with at least $85 million directly attributable to Sacks personally.

This exit creates a clear, immediate catalyst. It establishes a clean break between Sacks' prior venture capital interests and his new government role, directly addressing criticism from officials like Senator Elizabeth Warren. The memo itself, which was posted publicly and then retracted, underscores the sensitivity of the situation. For investors watching the AI and crypto policy landscape, this event sets a specific timeline for the removal of financial ties to key players in the ecosystem. It also highlights a stark contrast within the administration, as other top figures like President Trump and Elon Musk retain substantial, policy-exposed stakes. The bottom line is that Sacks' $200 million exit was a tactical, pre-emptive move to secure his position and avoid the optics of a conflict, creating a defined starting point for his policy influence.

The xAI Opportunity Cost: Valuation vs. Access

The $200 million divestment was a clean break, but it came at a steep opportunity cost. For David Sacks, that cost was most acutely felt in his exit from stakes in xAI, a company that saw its valuation explode just as he was required to sell. The venture capital firm Craft Ventures, which Sacks leads, was an investor in funds that held digital assets, meaning his exit was indirect but still significant. The financial math here is stark. When Sacks sold, xAI was on track for a valuation above $230 billion. By the time the company closed its massive $20 billion Series E round, that valuation had been cemented and likely exceeded. He forfeited the gains from that post-funding surge.

This wasn't a minor timing issue. The $20 billion raise, which exceeded its prior $15 billion target, was a signal of investor frenzy for foundational AI. It pushed xAI's total capital raised to over $42 billion, making it one of the fastest-rising companies in Musk's portfolio. Sacks' mandated sale locked in his position at a lower valuation point, effectively leaving money on the table as the company's value accelerated. The move underscores a key tension for insiders: the need to avoid conflict can mean sacrificing direct financial upside from a company they may have helped nurture.

Yet the story isn't over. Craft Ventures remains an investor in other funds with digital asset exposure, meaning Sacks retains a layer of indirect access. More importantly, his new role as AI & Crypto Czar gives him unprecedented influence over the very policies that could shape xAI's future. The opportunity cost is real, but the strategic access he now commands is a different kind of asset. The bottom line is that Sacks traded a direct financial bet for a seat at the policy table, a swap that may pay off in influence, but one that leaves the pure financial gains from xAI's $230 billion run to others.

Strategic Implications for xAI and the AI Sector

Sacks' new role as AI & Crypto Czar fundamentally shifts the dynamic for xAI and the broader AI sector. His mandate is to guide federal policy and make America the global leader in AI. This gives him direct influence over the regulatory environment that could either accelerate or hinder the company's growth. His involvement in shaping an executive order to challenge state AI laws is a clear signal of intent. By attempting to preempt a "50-state patchwork" of conflicting regulations, Sacks aims to create a more favorable, unified operating environment for large, well-funded startups like xAI. This could reduce compliance costs and legal uncertainty, a major benefit for a company scaling rapidly.

Yet the situation is complicated by the ethics controversy. While Sacks divested from major holdings like xAI and Meta, public documents show he and his firm, Craft Ventures, still maintain more than 400 investments in tech firms with ties to AI. The ethics waivers he received are under scrutiny, with critics calling them "sham" and a "presidential pardon in advance." This creates a persistent perception of conflict, even if the direct financial ties to xAI are severed. The divestment removes a high-profile insider from direct ownership, which is a positive for corporate governance on paper. But it also means xAI loses a former investor with a deep, personal stake in its success, potentially weakening the alignment of interests at a critical juncture.

The bottom line is a trade-off between influence and optics. Sacks now holds a powerful lever to shape policy that could benefit xAI and the industry. However, the lingering web of retained investments and the controversial waivers cast a shadow over his ability to act purely in the public interest. For investors, this creates a dual-track risk: the potential for favorable federal action versus the ongoing distraction and reputational risk of perceived conflicts. The strategic value of his role is high, but its execution will be judged by how effectively he navigates this minefield.

Catalysts and Risks: What to Watch

The immediate question is whether Sacks' mandated exit was a prudent risk management move or a costly tactical error. The answer hinges on two near-term catalysts: xAI's post-funding trajectory and the White House's policy actions.

First, monitor xAI's milestones. The company has already begun deploying its $20 billion in capital to expand its compute advantage, with data centers now housing over one million H100 GPU equivalents. Any updates on Grok model iterations, user growth, or new strategic partnerships will signal if the valuation surge is justified. The true magnitude of the gains Sacks missed will be clearer as xAI's valuation exceeds $230 billion and the company's operational scale accelerates. If the valuation continues to climb rapidly, the opportunity cost of his divestment becomes harder to ignore.

Second, watch for specific AI policy actions. Sacks is chairing the President's Council of Advisors on Science and Technology and helped shape an executive order aimed at challenging state AI laws deemed "onerous". The success of this push to create a unified federal framework will be a direct test of his influence. A favorable regulatory shift could lower barriers for xAI's compute buildout and partnerships, turning his policy role into a tangible asset. Conversely, if the executive order faces legal or political roadblocks, it will highlight the limits of his sway.

The key risk is that Sacks' divestment, while compliant, may have been a tactical error if xAI's valuation continues to accelerate. He traded a direct financial bet for a seat at the policy table, but the financial upside from the $20 billion Series E is now locked in for others. The bottom line is that investors must watch both the company's operational execution and the policy outcomes Sacks is tasked with driving. The setup is clear: a high-stakes bet on influence versus a clean break from a rocketing valuation.