Southern California’s sports scene has a new player in the ownership box, with Josh Kushner acquiring a stake in the Los Angeles Lakers. The deal came together swiftly, prompted by federal investigations into the insurance businesses of current Lakers and Dodgers owner Mark Walter. Walter’s companies are reportedly facing scrutiny from the Department of Justice, the SEC, and state insurance regulators regarding billions in related-party loans. Spotting a business opportunity, the New York venture capitalist reportedly contacted former Disney Chief Executive Bob Iger, his partner in a previous bid for a Las Vegas NBA franchise. The two quickly agreed to shift focus to Los Angeles, and within 72 hours, a deal was struck with Walter to avoid a bidding war.
Kushner, known more for his business ventures than his political family ties, has rapidly and quietly built a significant presence in the business world. At 41, his firm, Thrive Capital, which he founded in 2010, manages over $65 billion. Thrive’s portfolio includes high-profile companies like OpenAI and SpaceX, alongside the rapidly expanding Southern California defense contractor Anduril, establishing a direct link to the region's economy. Those who work with him, including Iger, credit his business acumen and "limitless" curiosity. His estimated net worth stands at $16.7 billion.
Despite his success, Kushner has navigated a complex public and personal life. He is the younger brother of Jared Kushner, President Trump’s son-in-law, and has worked to avoid entanglement with the Trump administration’s politics, complicated by his wife, supermodel and entrepreneur Karlie Kloss, who is a vocal Democratic donor. He also faced scrutiny as a "nepo baby" and dealt with the fallout from his wealthy developer father’s 2005 sentencing for tax evasion and other charges. Nitin Nohria, former dean of Harvard Business School and now executive chairman of Thrive, advised Kushner after the 2016 election to "Just stay focused on the business. Say nothing, do nothing. Become as invisible as you can."
Kushner’s life has been intertwined with money and business since childhood. His father would take him along to check potential real estate purchases on holidays, with the philosophy that "The idea was when everyone is relaxing, you should be working." After graduating from Harvard and a brief stint on Wall Street, he enrolled in Harvard Business School, where he developed the concept for Thrive. He also pursued the idea for a new kind of health insurer after breaking his ankle in a pickup basketball game in 2010 and being confused by the insurance bill. He was convinced by Nohria to stay in graduate school despite his entrepreneurial pursuits, aiming to build a venture capital firm that often holds companies longer than is typical.
