On August 12, it was announced that the Los Angeles Lakers, a prominent NBA franchise, will be sold for an unprecedented $12.5 billion to former Disney CEO Bob Iger and venture capitalist Josh Kushner. However, Kushner’s excitement was directed elsewhere on his X account, where he highlighted a different achievement: his company, Thrive Holdings, which he established in 2025 to integrate AI into service firms, had secured $2 billion in funding from investors including SoftBank, reaching the same $12.5 billion valuation as the Lakers.
"It's a remarkable time for innovation," he expressed, neglecting to mention the Lakers, a team whose fame transcends such omissions.
This summer has been quite significant for Kushner. Renowned in tech circles for his venture capital firm Thrive Capital, which has made early investments in high-profile companies like Instagram and Spotify, he has recently transitioned from a low-profile investor to a bolstering figure. He was spotted at the lavish wedding of Taylor Swift and NFL star Travis Kelce, held at Madison Square Garden, alongside supermodel spouse Karlie Kloss. Shortly afterward, he attended the exclusive Allen & Co. conference in Sun Valley, Idaho, where he was photographed with OpenAI president Greg Brockman.
On the business front, Kushner had a notable victory when SpaceX, led by Elon Musk, went public in June, causing Thrive's investments in the aerospace company to soar to about $10 billion. Just days later, SpaceX revealed a $60 billion acquisition of AI startup Cursor, further boosting Thrive's valuation by $4.2 billion. July brought complications, however, when a contentious attempt to purchase a stake in the FIFA World Cup at a projected $20 billion valuation fell apart only three days after being announced.
More recently, on the heels of the Lakers transaction news, Jeanie Buss, the controlling governor of the NBA team, indicated through her attorney that she had not reached an agreement with her siblings to sell their collective 17.8% stake in the Lakers, potentially jeopardizing the high-value deal.
Kushner's wealth continues to surge—Forbes currently estimates his net worth at $16.7 billion, a significant jump from $5.2 billion just a year prior, thanks to the growing assets of Thrive and its new portfolio valuation. This figure does not factor in the value of his impending Lakers stake, which remains uncertain until the sale is finalized. He also holds a minority interest in the Miami Heat, valued at around $80 million, which he must relinquish for the Lakers acquisition to be completed. A spokesperson for Kushner did not provide any comments on these developments.
This financial ascent makes Kushner's wealth nearly 17 times that of his brother Jared, who has cultivated his fortune mainly through private equity. Interestingly, while Josh is known as a lifelong Democrat, Jared and their father Charles, who faced legal troubles before being pardoned and is now involved in supporting Trump's presidency, align more with the Republican party.
The significant increase in Kushner's fortune is intricately linked to Thrive Capital's growth. In an investor letter recently obtained by Bloomberg, Kushner disclosed that Thrive has amassed over $65 billion in assets under management—almost tripling the $23 billion from December 2024 and exceeding previous filings from just the month before. Additionally, he hinted at a potential sale involving a minor interest in Thrive, akin to a 3% share sold in 2021.
Established in 2010 in New York, Thrive began with a modest $5 million fund, backed by VC veteran Joel Cutler. At that time, Kushner was only 25 and had recently transitioned from a position at Goldman Sachs. Thrive has since launched ten primary funds, the latest, Thrive X, closing in March with over $10 billion in commitments.
Billionaire venture capitalist Marc Andreessen praised Thrive’s rapid ascent and quality of investments in a 2017 Forbes article, noting its recognition as a leading firm in the sector.
Over the years, Kushner has successfully invested in many high-profile startups. His first notable gain came in 2012 when Instagram was purchased by Facebook shortly after Thrive invested in it. Many other Thrive-backed entities have gone on to achieve public listings or acquisitions, such as Cursor and SpaceX, while others, including Anduril, Databricks, and Stripe, remain private at staggering valuations. OpenAI, with its prior valuation of $852 billion, is also expected to create significant buzz in the market soon.
In his investor letter, Kushner articulated a belief that a small number of exceptional companies generate extensive value over time.
Forbes first assessed Josh's net worth at $500 million in 2016, predominantly derived from his Thrive shares. By 2021, after selling a 3% interest to Goldman Sachs, he became a billionaire. This growth continued as Thrive repurchased that stake later and sold it again, which led to a valuation jump.
As Thrive managed assets surged, so did Kushner's wealth, mainly propelled byvaluations of its investments. Notably, he revealed that more than half of Thrive's $65 billion in assets comes from investment gains, with average annual returns around 33%, significantly outperforming market indices over similar timeframes.
The returns are benefiting Kushner directly; Thrive has generated over $1 billion in liquidity within the last year and anticipates more opportunities for liquidity in the near future.
The anticipated IPO of OpenAI could dramatically enhance Kushner's financial landscape, potentially valuing the firm over $1 trillion. Furthermore, Thrive has made recent public investments, including a $215 million stake in Amazon, which has already appreciated, and a $100 million investment in Shopify that has also increased in value.
Kushner's own cash on hand in Thrive reportedly grew from $186 million in 2024 to $500 million by mid-2023, supplemented by management fees and carried interest.
With such substantial potential income ahead, Kushner may encounter considerable tax responsibilities. Investing in high-value franchises like the Lakers could provide major tax advantages, depending on the deal's structure.
If they comply with certain guidelines, including an active role in management, Kushner and Iger could categorize a significant portion of the $12.5 billion purchase price as “intangible” assets, allowing them to amortize costs over 15 years and significantly reduce personal tax burdens, potentially generating yearly savings of about $750 million.
This strategy has historical precedent; Steve Ballmer employed a similar approach with the L.A. Clippers. The current price escalation for the Lakers illustrates the soaring stakes in the sports industry, as they recently set records for franchise sales.
Uncertainty remains regarding any additional partners in the deal, given that investments from firms like Thrive can only encompass a maximum of 20% of an NBA team. Meanwhile, the Buss family and other investors may retain stakes. Nevertheless, with Kushner’s expansive wealth, it appears he has ample resources to finalize the acquisition, positioning himself for continued financial gains as Thrive's portfolio grows increasingly valuable through public offerings or acquisitions.
