David Sacks walked intoDolores Park Café in San Francisco to talk to Lars Dalgaard, aventure capitalist, about what he should do with his life. Orrather, his money.

Sacks, who is 43 and has thick gray hair and blue, protrudingeyes, made his first fortune as an early executive at PayPal, thena second as the co-founder of Yammer, a social network forbusinesses, which he sold to Microsoft in 2012 for $1.2 billion. Heplayed in poker tournaments, produced the film Thank You forSmoking, and became an early investor in Uber and SpaceX. But bythe fall of 2014, he was sick of jumping from hobby to hobby. Hewanted in on a startup again.

Sacks and Dalgaard were business acquaintances—Dalgaard, ageneral partner at Andreessen Horowitz, had once tried to buyYammer for $300 million. After the requisite industry gossip, theygot down to business. Dalgaard urged Sacks to take a look atZenefits, a new company in which Andreessen Horowitz had recentlyinvested.

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