OnAugust 12, a seismic shift rocked the sports world as news broke of the Los Angeles Lakers being sold to former Disney CEO Bob Iger and venture capitalist Josh Kushner for a staggering $12.5 billion. However, the Lakers deal seemed to take a backseat for Kushner, who instead celebrated another significant achievement that very day. His company Thrive Holdings, established in 2025 to modernize services firms with AI, had successfully raised $2 billion from investors, including SoftBank, achieving a $12.5 billion valuation.
Summer of Opportunity for Josh Kushner
Taking to his X account, the 41-year-old billionaire proclaimed, “We feel extraordinarily fortunate to be building during a period of such profound innovation,” without mentioning the Lakers—indicative of the team’s robust status in popular culture.
This summer has transformed Kushner from a discreet venture capitalist into a prominent powerbroker. In early July, he was spotted at the star-studded wedding of Taylor Swift and NFL star Travis Kelce in Madison Square Garden alongside his supermodel wife, Karlie Kloss. Shortly thereafter, he attended Allen & Co.’s exclusive conference in Sun Valley, Idaho, often dubbed the “summer camp for billionaires,” where he mingled with notable figures like OpenAI president Greg Brockman.
Business Triumphs and Challenges
Kushner’s business endeavors witnessed a surge in momentum when SpaceX, in which Thrive owns a significant stake, went public in June, reportedly unveiling a stake worth $10 billion. Just days later, SpaceX announced a monumental $60 billion acquisition of AI coding startup Cursor, propelling Thrive’s 7% stake in that company to an impressive $4.2 billion. July brought a controversial bid to purchase a stake in the FIFA World Cup, valued at $20 billion, though that venture dissolved within days.
The narrative took an unexpected twist recently as a lawyer for the Lakers’ controlling governor, Jeanie Buss, denied any agreement among her siblings regarding the sale of their 17.8% stake, complicating the proposed $12.5 billion transaction.
A Meteoric Rise in Wealth
Josh Kushner’s financial trajectory has skyrocketed, with Forbes estimating his net worth at $16.7 billion—an astonishing leap from $5.2 billion the previous year—thanks to Thrive’s growth and its new valuation. This estimate does not account for the potential value of his Lakers stake, which remains unclear as the deal is yet to close. His existing stake in the Miami Heat is valued at approximately $80 million, which he will need to divest for the Lakers acquisition to proceed. Interestingly, this sheer growth places him almost 17 times wealthier than his brother Jared, who served as President Donald Trump’s son-in-law, and nearly three times richer than the former president himself.
The Thrive Capital Advantage
The dramatic rise in Kushner’s wealth is primarily a story of Thrive Capital’s success. In a recent investor letter, he revealed that Thrive boasts over $65 billion in assets under management, significantly up from $23 billion in December 2024. He hinted at potentially selling a small stake in the firm, offering options to both original shareholders and new institutional partners.
Thrive, founded in 2010 with a modest $5 million, swiftly ascended to a top-tier investment firm under Kushner’s leadership and has backed numerous high-profile tech companies, yielding significant returns. Notable successes include Instagram, Spotify, and the recent high-stakes players like OpenAI. Kushner has articulated a fundamental belief that a select few exceptional companies yield disproportionate value over extended periods.
Future Outlook and Tax Implications
As Thrive’s assets continue to rise, so does Kushner’s financial potential, particularly as investments are set to go public. The upcoming IPO of OpenAI alone may propel Thrive into the stratosphere, potentially valuing the firm above $1 trillion. They’ve also maintained public market investments, viewing the potential for substantial upcoming liquidity events.
With his booming wealth, Kushner may encounter substantial tax liabilities on capital gains. However, his plunge into sports ownership could yield considerable tax advantages. If he and Iger align on certain stipulations, including an active role in the Lakers’ management, they could classify a significant portion of the $12.5 billion price as “intangible” assets, opening avenues for tax benefits estimated at around $750 million annually.
This strategic acquisition mirrors strategies utilized by previous sports team owners, yet the price dynamics have notably escalated. With expectations of Iger and Kushner possibly navigating complexities in partnership structures, Kushner’s financial ascent appears poised to continue, fueled by Thrive’s flourishing investments.
