Joshua Kushner
Born (1985-06-12) June 12, 1985
Livingston, New Jersey, U.S.
Alma materHarvard University
Occupation(s)Owner of Thrive Capital
Co-founder of Oscar Health
Minority Owner of Memphis Grizzlies
Spouse
​
(m. 2018)​
Children2
Parent(s)Seryl Kushner (mother)
Charles Kushner (father)
RelativesJoseph Berkowitz (grandfather)
Jared Kushner (brother)
Ivanka Trump (sister-in-law)
Murray Kushner (uncle)

Joshua Kushner (born June 12, 1985) is an American businessman, heir, and investor.[1] He is the founder and managing partner of the venture capital firm Thrive Capital, co-founder of Oscar Health, and the son of real estate developer Charles Kushner.[2] He is the brother of Jared Kushner, son-in-law and former senior advisor to former U.S. President Donald Trump. He is a minority owner of the Memphis Grizzlies.[3][4]

Early life and education

Kushner grew up in a Jewish family in Livingston, New Jersey, to parents Charles and Seryl Kushner.[5] Kushner graduated from Harvard College in 2008, and from Harvard Business School in 2011.[6][7][8]

Career

Early career

During his sophomore year, Kushner was founding executive editor of Scene, a new pop culture student-publication.[9] The publication was badly received by critics upon release.[10]

In the spring of his junior year he worked with two graduate students to pool $10,000 in order to found social network Vostu,[11] which aimed to "fill a void left by online communities in which English is the lingua franca", like Facebook. According to Kushner, Latin America was a promising market for a Facebook-alternative and new social networking site because "[it was] a place where Internet use is increasing every year, and technology is booming at a rapid pace".[12] Vostu laid off the majority of its employees in 2013 and significantly scaled back its operations after a copyright lawsuit from a competitor accused them of copying games.[13][14]

The year after graduation he co-founded a start-up called Unithrive. Unithrive was inspired by the peer-to-peer loan model of Kiva, but aimed to "ease the crisis in paying for college" by matching "alumni lenders to cash-strapped students ... who [could] post photographs and biographical information and request up to $2,000", interest-free for repayment within five years of graduation.[15] After graduating from Harvard, he started his career in the private equity arm at Goldman Sachs, working for a year on distressed debt.[16]

Thrive Capital

He founded Thrive Capital in 2010, a venture capital firm that focuses on media and internet investments.[17][18] Since its founding, Thrive has raised over $7.3 billion from institutional investors, including Princeton University.[19] Thrive’s capital funds include: Thrive II, which raised $40 million in 2011; Thrive III, which raised $150 million in 2012; Thrive IV, which raised $400 million in September 2014;[19][20] Thrive V, raising $700 million in 2016; Thrive VI, raising $1 billion in 2018; Thrive VII, raising $2 billion in 2021; and Thrive VIII, raising $3 billion in 2022.[21][22]

As an investor in Instagram, Kushner was the second largest investor in Instagram's Series B fundraising round. Valued at $500 million, Thrive soon doubled its money after Instagram was sold to Facebook.[11]

For his work with Thrive, Kushner was named to Forbes' 30 Under 30,[23] Inc. Magazine's 35 Under 35,[24] Crain's 40 Under 40,[25] and Vanity Fair's Next Establishment.[26]

In 2021 it was reported by Bloomberg that Goldman Sachs had invested in Kushner's Thrive Capital at a $3.6 billion valuation.[27]

Oscar

Kushner is a co-founder of Oscar Health, a health insurance start-up. Founded in 2012, Oscar was valued at $2.7 billion in 2016.[28] Oscar went public in 2021, with Kushner's Thrive Capital owning a stake worth $1.21 billion.[29][30] Oscar reported an $87 million loss in its first quarter as a publicly traded company.[31]

In 2020, it was revealed by The Atlantic that Jared Kushner had contracted Oscar Health to develop a coronavirus testing website that was later scrapped, even though Trump had said publicly that Google was developing the website.[32]

Cadre

In 2015, Kushner founded a new company called Cadre with his brother Jared and their friend Ryan Williams, with Williams as Cadre's CEO. Cadre is a technology platform designed to help certain types of clients, such as family offices and endowments, invest in real estate.[33][34]

JK2

Kushner owns 50% of JK2 (also known as Westminster Management), a real estate management company, his brother Jared owns the other 50%. In April 2021, a Judge ruled that JK2 was found to have committed "widespread and numerous" violations of Maryland's consumer protection laws at Baltimore-area properties by collecting debts without the required licenses, charging tenants improper fees, and misrepresenting the condition of rental units.[35][36][37]

Kushner's JK2 was also featured in an episode of Netflix's Dirty Money series titled "Slumlord Millionaire."[38] The episode was based on an expose from ProPublica accusing the company of abusing tenants rights, leaving homes in disrepair, humiliating late-paying renters and suing tenants when they try and move out.[39]

During the COVID-19 pandemic, JK2 filed a significant number of lawsuits against tenants for debt collection and eviction, despite an eviction moratorium being in place.[40]

Personal life

Kushner started dating model Karlie Kloss in 2012.[41] The couple got engaged in July 2018, a month after Kloss' conversion to Judaism (Kushner's faith).[42] The couple married on October 18, 2018.[43] The couple had their first child, a son, in 2021.[44] During the 2023 Met Gala, Kloss announced her pregnancy in the third trimester, making the news of Kushner and Kloss' second child public.[45] There had been pregnancy rumors surrounding the couple beforehand. The couple had their second child, a son, in July 2023.[46]

His brother, Jared Kushner, is Donald Trump's son-in-law, was his senior advisor during Trump's presidency, and is an investor in Oscar Health.[47]

2017 Saudi Arabia trip

According to an investigation by The New York Times, in October 2017, Joshua Kushner met with several senior members of the Saudi government and the Saudi sovereign wealth fund at a conference in Riyadh. The day after he left, his brother Jared, along with several other senior members of the Trump administration, met with Crown Prince Mohammed Bin Salman.[48] While the meeting was not illegal, it raised potential conflict of interest concerns.[48][49]

666 Fifth Avenue Investment

Months prior to the Qatar diplomatic crisis, Kushner Companies had attempted to seek financing from the Qataris for their signature 666 Fifth Avenue property, which was facing a massive debt load in April 2017.[50] Joshua's father, Charles Kushner, had met with Qatari finance minister, Ali Shareef Al Emadi, twice to seek financing for the property.[50][51] During the same week that his father was meeting with Ali Shareef Al Emadi, Josh also met with Al Emadi.[52] The deal fell through.[53][54][55][56]

See also

References

  1. ↑ Storey, Kate (March 15, 2021). "Josh Kushner and Karlie Kloss Welcome Their First Child". Town & Country. Retrieved May 1, 2021.
  2. ↑ "Alphabet puts another $375 million into Josh Kushner's Oscar Health, just months after previous investment". CNBC. Retrieved August 9, 2023.
  3. ↑ Ozanian, Mike. "Memphis Grizzlies Minority Sale To Joshua Kushner Values Team At $1.32 Billion". Forbes. Retrieved May 1, 2021.
  4. ↑ Draper, Kevin; Stein, Marc (March 22, 2019). "A Kushner Is an N.B.A. Owner". The New York Times. ISSN 0362-4331. Retrieved May 1, 2021.
  5. ↑ "Forbes Features Members of the Tribe In 30 Under 30". Jspace.com. December 29, 2011. Archived from the original on January 30, 2012. Retrieved November 7, 2013.
  6. ↑ Golden, Daniel (November 18, 2016). "The Story Behind Jared Kushner's Curious Acceptance Into Harvard". ProPublica. Retrieved March 15, 2021.
  7. ↑ Alyson Shontell (October 28, 2010). "Here Is Why VC And Entrepreneur Joshua Kushner Is Bothering To Get His MBA". Business Insider. Retrieved November 7, 2013.
  8. ↑ "Q+A Joshua Kushner". Details. Archived from the original on October 7, 2011. Retrieved November 7, 2013.
  9. ↑ Neyfakh, Leon (December 7, 2005). "Doordropped: Which Scene?". The Harvard Crimson. Retrieved January 2, 2016.
  10. ↑ "Glossies Gear Up For Second Run". www.thecrimson.com. Retrieved January 2, 2016.
  11. 1 2 "The 26-Year-Old VC Who Cashed In On Instagram". Forbes. Retrieved January 2, 2016.
  12. ↑ Benitez, Andrew M. (March 7, 2007). "Students Start Spanish Social Site". The Harvard Crimson. Retrieved January 2, 2016.
  13. ↑ "More Layoffs And Downsizing At Vostu, South America's One-Time Frontrunner in Gaming". TechCrunch. March 11, 2013. Retrieved April 29, 2021.
  14. ↑ "After Zynga Settlement, Layoffs Hit Brazilian Social Gaming Company Vostu". TechCrunch. February 14, 2012. Retrieved April 29, 2021.
  15. ↑ Salkin, Allen (June 12, 2009). "I'm Going to Harvard. Will You Sponsor Me?". The New York Times. ISSN 0362-4331. Retrieved January 2, 2016.
  16. ↑ "The 26-Year-Old VC Who Cashed In On Instagram". Forbes. Retrieved November 7, 2013.
  17. ↑ Rusli, Evelyn M. (August 22, 2011). "Joshua Kushner's Thrive Capital Raises $40 Million". The New York Times. Retrieved November 7, 2013.
  18. ↑ "Joshua Kushner worked for Goldman Sachs before he started Thrive Capital, which invested in Instagram and Kickstarter". Business Insider. Retrieved January 2, 2016.
  19. 1 2 Rusli, Evelyn M. (September 6, 2012). "Thrive Capital Raises $150 Million Fund, Bolstering Profile". The New York Times. Retrieved November 7, 2013.
  20. ↑ "Venture Firm Thrive Capital Raises Another Fund". The New York Times. October 6, 2014. Retrieved June 3, 2015.
  21. ↑ Abram Brown; Kate Clark (February 24, 2023). "Josh Kushner's Budding Empire". The Information. Retrieved May 12, 2023.
  22. ↑ Matt Durot (April 5, 2022). "Thrive's Josh Kushner: The Other Brother Becomes Family's First Billionaire". Forbes. Retrieved May 12, 2023.
  23. ↑ Vardi, Nathan. "Joshua Kushner, Managing Partner, Thrive Capital, 26 - In Photos: 30 Under 30: Finance". Forbes. Retrieved November 7, 2013.
  24. ↑ "Insurance in the U.S. is Broken. Oscar Wants to Fix It". Inc. Magazine. June 24, 2014. Retrieved June 3, 2015.
  25. ↑ "Crain's 40 Under Forty Joshua Kushner, 28". Crain's New York Business. Retrieved June 3, 2015.
  26. ↑ Deligter, Jack (March 21, 2012). "The Next Establishment". Vanity Fair. Archived from the original on September 23, 2011. Retrieved November 7, 2013.
  27. ↑ Roof, Katie (May 20, 2021). "Goldman Sachs Is Said to Invest in Josh Kushner's Thrive Capital". Bloomberg News.
  28. ↑ Bertoni, Steven. "Oscar Health Gets $400 Million And A $2.7 Billion Valuation from Fidelity". Forbes. Retrieved May 12, 2016.
  29. ↑ Livingston, Shelby. "Oscar Health, the original buzzy health insurance start-up, has filed to go public. We pored over its 208-page filing to find 4 key takeaways". Business Insider. Retrieved February 8, 2021.
  30. ↑ Goodman, Michael. "Josh Kushner stands to make a mint on Oscar Health's much-awaited IPO, and has almost total control. Here are the venture investors who will also do well". Business Insider. Retrieved May 1, 2021.
  31. ↑ Japsen, Bruce. "Obamacare Provider Oscar Health Reports Loss Even As Revenue Soars". Forbes. Retrieved May 20, 2021.
  32. ↑ Meyer, Robinson (March 31, 2020). "Exclusive: Kushner Firm Built the Coronavirus Website Trump Promised". The Atlantic. Retrieved May 1, 2021.
  33. ↑ "Kushner Had a Plan to Shed His Cadre Stake. Then the Pandemic Upended It". Bloomberg.com. August 13, 2020. Retrieved May 1, 2021.
  34. ↑ "Jared Kushner to Retain Stake in Cadre | The Real Deal". The Real Deal New York. July 17, 2020. Retrieved May 1, 2021.
  35. ↑ "Jared Kushner's apartment company violated consumer laws in Maryland, judge rules". April 29, 2021.
  36. ↑ "Judge: Kushner's apartment company violated consumer laws". AP News. April 30, 2021. Retrieved May 1, 2021.
  37. ↑ "Judge: Kushner's apartment company violated consumer laws". thestar.com. April 30, 2021. Retrieved May 1, 2021.
  38. ↑ DiMauro, Morgan Pehme,Daniel (March 27, 2020). "Jared Kushner, Slumlord Millionaire, Can't Evict the Virus". The Daily Beast. Retrieved May 20, 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  39. ↑ MacGillis, Alec. "The Beleaguered Tenants of 'Kushnerville'". ProPublica. Retrieved May 20, 2021.
  40. ↑ Fang, Lee (April 4, 2020). "Coronavirus Hasn't Stopped Jared Kushner's Real Estate Empire From Hounding Tenants With Debt Collection, Eviction Lawsuits". The Intercept. Retrieved July 23, 2021.
  41. ↑ Friedman, Gabe (January 25, 2017). "Who is Jared Kushner's brother, and could his $2.7b company fail under Trump?". The Times of Israel. Retrieved January 25, 2017.
  42. ↑ "Karlie Kloss Is Engaged to Joshua Kushner: 'Their Hearts Are Full'". PEOPLE.com. Retrieved July 24, 2018.
  43. ↑ Kimble, Lindsay (October 18, 2018). "Karlie Kloss Is Married! Supermodel Weds Joshua Kushner in Custom Dior Gown". People. Retrieved October 19, 2018.
  44. ↑ Hanau, Shira. "Josh Kushner's former Israeli yeshiva leaks his baby's name". www.timesofisrael.com. Retrieved May 1, 2021.
  45. ↑ America, Good Morning. "Met Gala 2023: Karlie Kloss announces she's expecting baby No. 2". Good Morning America. Retrieved May 12, 2023.
  46. ↑ "Karlie Kloss and Husband Joshua Kushner Welcome Second Baby Together". Peoplemag. Retrieved July 14, 2023.
  47. ↑ "Here's How Much Jared Kushner and His Family Are Really Worth". Forbes.
  48. 1 2 Kirkpatrick, David D. (March 21, 2019). "The Kingdom and the Kushners: Jared Went to Riyadh. So Did His Brother". The New York Times. ISSN 0362-4331. Retrieved July 23, 2021.
  49. ↑ Emmons, Alex; Grim, Ryan; Swisher, Clayton (March 21, 2018). "Saudi Crown Prince Boasted That Jared Kushner Was "In His Pocket"". The Intercept. Retrieved July 23, 2021.
  50. 1 2 Swisher, Clayton; Grim, Ryan (March 2, 2018). "Jared Kushner's Real-Estate Firm Sought Money Directly From Qatar Government Weeks Before Blockade". The Intercept. Retrieved July 23, 2021.
  51. ↑ "Kushner Companies confirms meeting with Qatar on financing". Washington Post. ISSN 0190-8286. Retrieved July 23, 2021.
  52. ↑ Swisher, Clayton; Grim, Ryan (March 23, 2018). "Joshua Kushner Met With Government of Qatar to Discuss Financing in the Same Week Father Charles Kushner Did". The Intercept. Retrieved July 23, 2021.
  53. ↑ "The troubling overlap between Jared Kushner's business interests and US foreign policy | Mohamad Bazzi". the Guardian. July 8, 2019. Retrieved July 23, 2021.
  54. ↑ Walsh, Ben; Grim, Ryan; Swisher, Clayton (July 10, 2017). "Jared Kushner Tried and Failed to Get a Half-Billion-Dollar Bailout From Qatar". The Intercept. Retrieved July 23, 2021.
  55. ↑ Kranish, Michael (October 11, 2017). "'He's better than this,' says Thomas Barrack, Trump's loyal whisperer". Washington Post. ISSN 0190-8286. Retrieved July 27, 2021.
  56. ↑ Qureshi, Zamman (July 27, 2021). "US Foreign Policy For Sale: Thomas Barrack, Jared Kushner and the UAE". Byline Times. Retrieved July 27, 2021.
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