Josh Kushner: From the FIFA Setback to a Major Coup with the Lakers

The younger brother of Jared Kushner, Joshua Kushner has carefully forged a professional identity separate from his family’s real estate and political empire. A Harvard graduate, he founded Thrive Capital in 2009 and gradually turned the venture capital firm into one of the most influential players in the U.S. technology sector. Forbes now estimates his fortune at around $5.2 billion and says Thrive manages nearly $25 billion in assets.

His strategy is straightforward: take significant stakes early in companies with exceptional growth potential. Thrive has invested in Instagram, Spotify, Stripe and OpenAI, among others.

With a portfolio extending well beyond technology, Thrive has also invested in Skims, Kim Kardashian’s fashion brand, while Kushner’s wider business ecosystem includes companies such as Robinhood and GitHub.

The businessman’s influence stems as much from his capital as from his network. OpenAI CEO Sam Altman has praised Kushner’s approach, which is built around ambitious investments and strong conviction.

Thrive’s investors and partners include figures such as Henry Kravis, Mukesh Ambani, Jorge Paulo Lemann and Xavier Niel. Bob Iger, the former CEO of Disney, joined the firm in 2022 with the ambition of launching a new NBA franchise in Las Vegas, although the project ultimately failed to materialize.

In July, Kushner’s Thrive Eternal investment vehicle appeared to be in pole position to join a private consortium that could have acquired up to a 20% stake in FIFA Forward Enterprise, a new FIFA commercial entity valued at around $20 billion.

Led by FIFA president Gianni Infantino, the deal could have generated as much as $4.2 billion for FIFA, primarily through broadcasting rights, sponsorship and commercial activities linked to the World Cup.

But the football world reacted immediately. UEFA, CONCACAF and the AFC opposed the plan, arguing that football’s commercial assets should not be opened up to private investors. A few days later, FIFA ultimately abandoned the project.

Then came the most spectacular deal of all. Mark Walter had taken control of the Lakers from the Buss family just 14 months earlier, at a valuation of $10 billion. Kushner and Iger offered him $12.5 billion, the highest price ever paid for a U.S. sports team.

The transaction still requires NBA approval, but beyond the price tag, it is the way the deal was struck that has attracted attention.

According to the Associated Press, Kushner and Iger only learned a few days before the transaction that Walter was potentially considering a sale. They moved immediately and reportedly reached an agreement in just three days.

The relationship between the two men also played a role. They reportedly met through their partners, former model Karlie Kloss and Willow Bay, several years ago.

That personal connection, combined with Thrive’s financial firepower and Iger’s network in the entertainment industry, allowed the negotiations to move forward without prematurely attracting market attention.

The Lakers acquisition ultimately offers a good illustration of the Kushner method: patiently build a network, invest early in promising companies, accumulate capital, and then move with remarkable speed when an exceptional asset comes onto the market.

The FIFA setback could have been a serious blow. Just weeks later, Josh Kushner is nevertheless poised to join the highly exclusive circle of NBA franchise owners.