Donald Trump has announced the nomination of David Sachs, a podcaster, former chief operating officer of PayPal and founder of Yammer, to head the White House on artificial intelligence and cryptocurrencies.

Sachs, a Silicon Valley insider and venture capitalist, hosted a major fundraising event for Trump at his mansion in June, raising more than $12 million.

Known for his "All-In" podcast, Sachs is closely associated with Elon Musk and supports his efforts to acquire Twitter.

Sachs will chair the Science and Technology Advisory Council, focusing on artificial intelligence and cryptocurrency policies to enhance America's competitiveness.