Josh Kushner's Net Worth Triples to $16.7 Billion

Josh Kushner's fortune has more than tripled in a single year. The 41-year-old venture capitalist is now worth an estimated $16.7 billion, up from $5.2 billion a year ago, according to Forbes. The surge is driven almost entirely by Thrive Capital, the firm he founded in 2010, which has nearly tripled its assets under management to over $65 billion.

The growth comes as Thrive's biggest bets, including OpenAI and SpaceX, have matured into public-market giants. OpenAI is valued at $852 billion and set to go public in the next year. SpaceX went public in June, and Thrive's stake is now worth a reported $10 billion. Kushner also holds a 0.14% stake in SpaceX worth $2.6 billion through Thrive.

A Record Lakers Deal And A New Holding Company

On August 12, Kushner and former Disney CEO Bob Iger announced a deal to buy the Los Angeles Lakers for $12.5 billion. It is the most expensive sports team sale in history. The pair could allocate up to 90% of the purchase price as intangible assets, which can be amortized over 15 years. That could generate a tax benefit of some $750 million per year. Steve Ballmer used a similar strategy after buying the L.A. Clippers for $2 billion in 2014.

The deal is not without complications. A lawyer for Jeanie Buss, the Lakers' controlling governor, denied on Monday that she agreed to sell her family's 17.8% stake. The Buss heirs and biotech billionaire Patrick Soon-Shiong may retain a stake in the team. Kushner must also divest his small stake in the Miami Heat, worth an estimated $80 million, before the Lakers acquisition goes through. Thrive Capital and its sports unit, Thrive Eternal, can only acquire up to 20% of an NBA team.

On the same day the Lakers deal was announced, Thrive Holdings, a company Kushner formed in 2025 to buy services firms and transform them with AI, raised $2 billion at a $12.5 billion valuation. Investors included SoftBank. Kushner celebrated the Thrive Holdings deal on X, without mentioning the Lakers.

From A $5 Million Fund To A $65 Billion Powerhouse

Thrive Capital was founded in New York in 2010 with a $5 million fund, seeded by Joel Cutler, cofounder of General Catalyst. Kushner was 25 at the time. He had worked on Goldman Sachs' private equity desk for one year after graduating from Harvard Business School.

The firm's first major win came in 2012, when Facebook acquired Instagram for $1 billion, days after Thrive invested at a $500 million valuation. Since then, Thrive has raised 10 flagship funds. Thrive X, the latest, closed in March with more than $10 billion in committed capital.

Thrive's assets under management were $23 billion in December 2024. By July, a regulatory filing showed $50 billion. By August, that figure had grown to over $65 billion, with more than half of the growth driven by investment gains. Thrive's funds have returned an average of 33% a year after fees. The S&P 500 gained about 14% a year over a similar time period, while the Nasdaq gained about 17%.

Marc Andreessen, the billionaire venture capitalist, praised Thrive's rise in a 2017 Forbes quote. "Thrive has had one of the shortest trajectories from inception to top-tier status, reputation, deal flow and quality investments," he said.

Big Bets On AI, Rockets, And Public Markets

Thrive's portfolio is concentrated in a small number of exceptional companies. Kushner wrote in a letter to investors, "We have long believed that a small number of exceptional companies create a disproportionate amount of value and can compound their advantages for far longer than the market expects."

That approach has paid off. SpaceX announced a $60 billion deal to acquire Cursor, an AI coding startup, four days after its IPO. Thrive's 7% stake in Cursor is now valued at $4.2 billion. Other Thrive-backed companies that have gone public or been acquired include Instacart, Nubank, Robinhood, Spotify, and SpaceX.

Private companies in Thrive's portfolio are also soaring. Anduril was last valued at $61 billion in May. Databricks hit $190 billion in August. Stripe reached $159 billion in February. OpenAI's IPO could value the firm at more than $1 trillion.

Kushner has also made direct public market bets. Thrive revealed a $215 million stake in Amazon as of end of June, already worth $230 million. The firm invested $100 million in Shopify in March, a stake now valued at $130 million. Oscar Health, which Kushner founded in 2012, has seen its stock surge 114% this year on membership growth and profits. Kushner's stake is worth $200 million.

Kushner's Personal Stake And Cash Position

Kushner's own cash invested in Thrive's funds grew from $186 million in 2024 to $500 million by end of June. Thrive charges 2% to 2.5% in annual management fees, and Kushner gets a share of carried interest. The firm generated more than $1 billion of liquidity over the last 12 months. Kushner wrote, "Over the last 12 months, we have generated more than $1 billion of liquidity and believe there may be an opportunity for billions of dollars in additional liquidity in the coming quarters."

Kushner has floated the potential sale of a small stake in Thrive, similar to the 3% he sold in 2021. That year, he sold a 3% stake to Goldman Sachs unit Petershill Partners at a $3.6 billion valuation. Thrive repurchased the stake in December 2022, then sold it again in January 2023 to a consortium including Iger, Henry Kravis, Mukesh Ambani, Xavier Niel, and Jorge Paulo Lemann for $175 million, valuing Thrive at $5.3 billion. A potential new sale would be to original shareholders plus a small number of new institutional partners.

Forbes first estimated Kushner's net worth at $500 million in 2016, when his stake in Thrive was worth about $240 million. He became a billionaire in 2021 with a $2 billion fortune, when his estimated stake in Thrive was 66%. By 2023, his net worth had grown to $3.6 billion.

A Family Contrast And A New Role In The Spotlight

Kushner is a lifelong Democrat, a sharp contrast to his father Charles Kushner, who was convicted of tax evasion, illegal campaign contributions, and witness tampering in 2005 and pardoned by Trump in 2020. Charles now serves as Trump's ambassador to France. Josh's older brother Jared built his fortune through private equity firm Affinity Partners. Josh is now nearly 17 times richer than Jared and nearly three times as rich as President Trump.

Kushner has traditionally been press-shy, but he has recently become more of a star powerbroker. In early July, he attended Taylor Swift and Travis Kelce's wedding at Madison Square Garden. He also attended the Allen & Co. conference in Sun Valley, Idaho, the so-called summer camp for billionaires, where he was photographed with OpenAI president Greg Brockman.

His friendship with Iger grew through their wives, Karlie Kloss and Willow Bay. Kloss, a supermodel, and Bay, Iger's wife, are friends. Kushner and Kloss also attended the weddings of Swift and Kelce.

In July, Kushner and Thrive were involved in a deal to buy a stake in the FIFA World Cup at a $20 billion valuation. That deal collapsed within three days.

The Lakers deal hasn't closed, and the value of Kushner's stake couldn't be determined. Kushner's representative declined to comment. Mark Walter bought the Lakers for $10 billion two years prior. The sale to Kushner and Iger marks a record for sports teams, but the Buss family's denial could complicate matters.

Kushner seems set to keep raking in profits as Thrive's investments go public or get acquired. His rapidly growing fortune means he likely has enough cash to cover the Lakers deal. In a letter to investors, he wrote, "We feel extraordinarily fortunate to be building during a period of such profound innovation."

The tax strategy behind the Lakers deal is not new. Ballmer's Clippers purchase in 2014 used a similar approach. Kushner and Iger could allocate up to 90% of the $12.5 billion purchase price as intangible assets, potentially generating a tax benefit of some $750 million per year. That could offset a major tax liability on capital gains.

The Lakers deal is the most expensive sports team sale in history, but it is not the only record Kushner is setting. His net worth has grown faster than almost any other billionaire in recent memory. From $500 million in 2016 to $16.7 billion today, the trajectory is steep.

Thrive's investment strategy remains focused on a small number of exceptional companies. The firm has raised 10 flagship funds since 2010. Thrive X closed in March with more than $10 billion in committed capital. The firm's assets under management have nearly tripled in eight months.

Kushner's personal stake in Thrive is the primary driver of his wealth. His cash invested in the firm's funds has grown from $186 million to $500 million. He also holds stakes in Amazon, Shopify, Oscar Health, and SpaceX. His Amazon stake is worth $230 million, his Shopify stake $130 million, and his Oscar Health stake $200 million.

The SpaceX-Cursor deal is a major win for Thrive. SpaceX announced the $60 billion acquisition four days after its IPO. Thrive's 7% stake is worth $4.2 billion. The firm also retains a 0.14% stake in SpaceX worth $2.6 billion.

OpenAI is set to go public in the next year. The firm is valued at $852 billion and could be worth more than $1 trillion at IPO. Thrive's investment in OpenAI is one of its largest and most successful.

Kushner's rise has been remarkable, but it has not been without setbacks. The FIFA World Cup deal collapsed within three days. The Lakers deal faces uncertainty after the Buss family's denial. Still, Kushner's fortune continues to grow.

Thrive's funds have returned an average of 33% a year after fees. That compares to 14% for the S&P 500 and 17% for the Nasdaq over similar time periods. The firm has generated more than $1 billion of liquidity over the last 12 months.

Kushner's net worth estimate does not include the value of his Lakers stake. The deal hasn't closed, and the Buss family's denial could change the outcome. A lawyer for Jeanie Buss denied she agreed to sell her family's 17.8% stake. The Buss heirs and Patrick Soon-Shiong may retain a stake in the team.

The Lakers sale was announced on August 12. Thrive Holdings raised $2 billion on the same day. Kushner celebrated the Thrive Holdings deal on X, without mentioning the Lakers.

Kushner attended Taylor Swift and Travis Kelce's wedding in early July at Madison Square Garden. He also attended the Allen & Co. conference in Sun Valley, Idaho, in early July. At the conference, he was photographed with Greg Brockman, president of OpenAI.

Kushner's father Charles was convicted in 2005 and pardoned in 2020. He now serves as Trump's ambassador to France. Josh's brother Jared is a special peace envoy and son-in-law of President Trump. Josh is nearly 17 times richer than Jared.

Kushner founded Oscar Health in 2012. The company's stock has surged 114% this year. Kushner's stake is worth $200 million.

Thrive's first fund was $5 million, seeded by Joel Cutler. The firm has raised 10 flagship funds since then. Thrive X closed in March with more than $10 billion in committed capital.

Kushner's net worth was first estimated at $500 million in 2016. His stake in Thrive was worth about $240 million then. He became a billionaire in 2021 with a $2 billion fortune.

The Lakers deal could generate a tax benefit of some $750 million per year. Kushner and Iger could allocate up to 90% of the purchase price as intangible assets. Steve Ballmer used a similar strategy after buying the L.A. Clippers for $2 billion in 2014.

The deal is the most expensive sports team sale in history. Mark Walter bought the Lakers for $10 billion two years prior. Kushner and Iger are paying $12.5 billion.

Kushner's net worth has tripled to $16.7 billion. The growth is driven by Thrive Capital's assets under management, which have grown to over $65 billion. OpenAI and SpaceX are the biggest contributors.

Thrive's stake in SpaceX is worth a reported $10 billion. The firm retains a 0.14% stake worth $2.6 billion. SpaceX went public in June and announced a $60 billion deal to acquire Cursor four days later.

Thrive's 7% stake in Cursor is valued at $4.2 billion. The firm's portfolio also includes Anduril, Databricks, and Stripe. Anduril was last valued at $61 billion, Databricks at $190 billion, and Stripe at $159 billion.

The #1 Newsletter in AI

Stay ahead of the AI curve

The most important updates, news, and content — delivered weekly.

No spam. Unsubscribe anytime.

OpenAI is valued at $852 billion and set to go public. The IPO could value the firm at more than $1 trillion. Thrive's investment in OpenAI is a major driver of its growth.

Kushner's cash invested in Thrive's funds has grown from $186 million to $500 million. Thrive charges 2% to 2.5% in annual management fees. Kushner gets a share of carried interest.

The firm generated more than $1 billion of liquidity over the last 12 months. Kushner believes there may be an opportunity for billions of dollars in additional liquidity in the coming quarters.

Kushner has floated the potential sale of a small stake in Thrive. He sold a 3% stake in 2021 at a $3.6 billion valuation. The stake was repurchased in December 2022 and sold again in January 2023 for $175 million, valuing Thrive at $5.3 billion.

The Lakers deal hasn't closed. The value of Kushner's stake couldn't be determined. Kushner's representative declined to comment.

Kushner is nearly 17 times richer than his brother Jared. He is nearly three times as rich as President Trump. His father Charles was convicted in 2005 and pardoned in 2020.

Kushner attended Taylor Swift and Travis Kelce's wedding in early July. He also attended the Allen & Co. conference in Sun Valley, Idaho. At the conference, he was photographed with Greg Brockman.

The FIFA World Cup stake deal collapsed within three days. The deal was valued at $20 billion. Kushner and Thrive were involved in July.

Kushner must divest his Miami Heat stake before the Lakers acquisition goes through. The stake is worth an estimated $80 million. Thrive Capital and Thrive Eternal can only acquire up to 20% of an NBA team.

The Lakers sale is the most expensive sports team sale in history. Kushner and Iger could allocate up to 90% of the purchase price as intangible assets. The tax benefit could be some $750 million per year.

Thrive's assets under management were $23 billion in December 2024. By July, they were $50 billion. By August, they were over $65 billion.

Thrive's funds have returned an average of 33% a year after fees. The S&P 500 gained about 14% a year over a similar time period. The Nasdaq gained about 17%.

Kushner's net worth was first estimated at $500 million in 2016. His stake in Thrive was worth about $240 million. He became a billionaire in 2021 with a $2 billion fortune.

The Lakers deal was announced on August 12. Thrive Holdings raised $2 billion on the same day. Investors included SoftBank.

Kushner celebrated the Thrive Holdings deal on X, without mentioning the Lakers. His representative declined to comment on the Lakers deal.

The Buss family's denial could complicate the Lakers deal. A lawyer for Jeanie Buss denied she agreed to sell her family's 17.8% stake. The Buss heirs and Patrick Soon-Shiong may retain a stake in the team.

Kushner's net worth estimate does not include the value of his Lakers stake. The deal hasn't closed. The value couldn't be determined.

Kushner is a lifelong Democrat. His father Charles was convicted in 2005 and pardoned in 2020. Charles now serves as Trump's ambassador to France.

Josh's brother Jared built his fortune through Affinity Partners. Josh is nearly 17 times richer than Jared. Josh is nearly three times as rich as President Trump.

Thrive's first fund was $5 million, seeded by Joel Cutler. Kushner was 25 when Thrive was founded. He worked on Goldman Sachs' private equity desk for one year after graduating from Harvard Business School.

Thrive has raised 10 flagship funds. Thrive X closed in March with more than $10 billion in committed capital. The firm's assets under management have grown to over $65 billion.