Thrive Capital founder Josh Kushner is estimated to be worth $16.7 billion as of Aug. 23, up from $5.2 billion a year earlier, according to a report carried by BlockBeats. The report identified the 41-year-old investor as the brother of Jared Kushner, the son-in-law of U.S. President Donald Trump.
The main driver behind the increase was the rapid growth of Thrive Capital’s assets under management, which rose from $23 billion at the end of 2024 to $65 billion.
Thrive’s portfolio and fundraise
Thrive Capital has historically backed a number of prominent companies, including Instagram, Spotify, OpenAI, SpaceX, Databricks, and Anduril.
After SpaceX went public, Thrive’s stake was reportedly worth $10 billion. The firm also owns 7% of AI coding company Cursor. The report said Nvidia acquired Cursor at a $12.6 billion valuation, putting the value of Thrive’s holding at $4.2 billion.
Thrive X, the firm’s latest flagship fund, completed fundraising in March at more than $10 billion.
Returns, liquidity, and OpenAI
In a letter to investors, Kushner said Thrive funds have posted an average annual return of 33%. Over the same stretch, the S&P 500 annualized about 14%, while the Nasdaq returned about 17%.
He also said Thrive generated more than $1 billion in liquidity over the past 12 months and could produce several billion dollars more over the next few quarters. A substantial portion, he wrote, may come from an OpenAI IPO next year that could value the company at more than $1 trillion.
Lakers deal faces uncertainty
Outside venture investing, Kushner has teamed up with former Disney CEO Bob Iger in a $12.5 billion acquisition of the NBA’s Los Angeles Lakers, setting a record for the sale of a sports franchise.
The report added that the deal still faces uncertainty because Jeanie Buss and her siblings disagree over the sale of a 17.8% stake.
Kushner also owns about $80 million worth of the Miami Heat and would need to dispose of that position before the Lakers transaction can be completed.
Wealth comparison and tax treatment
Forbes estimates that Josh Kushner’s fortune is about 17 times that of his brother Jared and roughly three times that of President Trump.
The report also said the Lakers acquisition could carry significant tax advantages. Up to 90% of the purchase price, including media rights, player contracts, and acquisition premium, could be amortized as intangible assets over 15 years, resulting in tax savings of about $750 million a year.
Disclosed holdings and early career
Thrive Capital has disclosed holdings worth $215 million in Amazon shares and $130 million in Shopify shares. Its stake in Oscar Health, one of the firm’s earliest investments, is now valued at $200 million.
Before founding Thrive, Kushner spent one year in Goldman Sachs’ private equity division. He started the firm in 2010 at age 25 with a $5 million seed fund.