Joshua Kushner | |
---|---|
Born | Livingston, New Jersey, U.S. | June 12, 1985
Alma mater | Harvard University |
Occupation(s) | Owner of Thrive Capital Co-founder of Oscar Health Minority Owner of Memphis Grizzlies |
Spouse | |
Children | 2 |
Parent(s) | Seryl Kushner (mother) Charles Kushner (father) |
Relatives | Joseph 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]
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]
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]
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]
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]
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]
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]
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]
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]
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]
Charles Kushner is an American real estate developer and disbarred former attorney. He founded Kushner Companies in 1985.
Ivana Marie "Ivanka" Trump is an American businesswoman who is the second-born child of Donald Trump, the 45th president of the United States and his first wife, Ivana, as well as the eldest of his two daughters. She was a senior advisor in his administration (2017–2021), and also was the director of the Office of Economic Initiatives and Entrepreneurship.
Jared Corey Kushner is an American businessman, investor, and former government official. He is the son-in-law of former president Donald Trump through his marriage to Ivanka Trump, and served as a senior advisor to Trump from 2017 to 2021. He was also Director of the Office of American Innovation.
Kushner Companies LLC is an American real estate developer in the New York City metropolitan area. The company's biggest presence is in the New Jersey residential market.
Khosla Ventures is an American venture capital firm founded by Vinod Khosla, focused on early-stage companies in the Internet, computing, mobile, financial services, agriculture, healthcare and clean technology sectors. Some of its most successful investments include Affirm, DoorDash, Square, Impossible Foods, Instacart, and OpenAI.
The United States EB-5 visa, employment-based fifth preference category or EB-5 Immigrant Investor Visa Program was created in 1990 by the Immigration Act of 1990. It provides a method for eligible immigrant investors to become lawful permanent residents—informally known as "green card" holders—by investing substantial capital to finance a U.S. business as long as it creates at least 10 new, full-time jobs for Americans and work-authorized immigrants. The EB-5 program is intended to encourage both "foreign investments and economic growth." The EB-5 Immigrant Investor Visa Program is one of five employment-based (EB) preference programs in the United States.
Karlie Elizabeth Kloss is an American fashion model. Vogue Paris declared her one of the "top 30 models of the 2000s" when she was 17. Kloss was a Victoria's Secret Angel from 2013 until 2015; she resigned to study at New York University. Models.com has said that Kloss "represents the gold standard of modeling—a girl with the look, the poise, and the drive to take things to the next level", and she ranks on their "New Supers" and "Money Girl" lists. By 2019, she had appeared on 40 international Vogue covers.
Michael D. Fascitelli is an American businessman. He is a member of the Vornado Realty Trust board of trustees and former CEO and president of the company before stepping down from day-to-day responsibilities on February 26, 2013. He is a co-owner of the Milwaukee Bucks, and in 2017 founded a $500 million SPAC, Landscape Acquisitions, with Noam Gottesman where they both serve as co-chairman. Since stepping back from day-to-day responsibilities at Vornado, Fascitelli has formed MDF Capital, a family-office investment firm, Landscape Acquisitions, a hospitality and real estate focused SPAC, and Imperial Companies. He serves on the board of real estate technology startup Cadre.
Andreessen Horowitz is a private American venture capital firm, founded in 2009 by Marc Andreessen and Ben Horowitz. The company is headquartered in Menlo Park, California. As of April 2023, Andreessen Horowitz ranks first on the list of venture capital firms by assets under management, with $35 billion as of March 2022.
Thomas Joseph Barrack Jr. is an American private equity real estate investor and the founder and executive chairman of Colony Capital, a publicly traded real estate investment trust (REIT). Barrack has for decades been a close friend of and fundraiser for former U.S. President Donald Trump, representing him in television news appearances. He was senior advisor to Trump's presidential campaign and served as the chairman of his Inaugural Committee.
Joshua Jordan Harris is an American investor, sports team owner, and philanthropist. He is a co-founder of the private equity firm Apollo Global Management and a managing partner of the NBA's Philadelphia 76ers, the NHL's New Jersey Devils, and the NFL's Washington Commanders. Harris is also a general partner of the English football club Crystal Palace and owns a minority stake in Joe Gibbs Racing. He has an estimated net worth of around US$9 billion.
Aryeh B. Bourkoff is an American businessman and documentary producer. He is the founder and chief executive officer of LionTree LLC, a global investment and merchant banking firm focused on media, technology and telecommunications.
Oscar Health, Inc. is an American health insurance company, founded in 2012 by Joshua Kushner, Kevin Nazemi and Mario Schlosser, and is headquartered in New York City. The company focuses on the health insurance industry through telemedicine, healthcare focused technological interfaces, and transparent claims pricing systems which would make it easier for patients to navigate.
211 Elizabeth is a residential building at 211 Elizabeth Street in the Nolita neighborhood of Manhattan in New York City. It was designed by architecture and interior design firm Roman and Williams and was the organization's first full building design. The building is primarily residential, but also includes space for three separate commercial developments on the first floor. It has fifteen units spread across seven stories, and room for three separate commercial developments in the structure's basement. Billy Joel and Gabriel Byrne are both residents of the building, as were Karlie Kloss and Josh Kushner until 2019.
The Public Investment Fund is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$776 billion. It was created in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia. The wealth fund is controlled by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler since 2015.
Cadre is a New York–based financial technology company that provides individuals and institutions direct access to real estate investment properties, including commercial properties. The business and financial press describe it as a platform that "makes the real estate market more like the stock market" by allowing investors to select the individual transactions in which they participate, while investing a smaller amount than would be required to fully fund a transaction. For example, 12 institutional investors participated in a $60 million office building purchase. The firm was named to Forbes' "FinTech50" for 7 years in a row starting in 2016. In 2019, Cadre was the cover story of the Forbes "FinTech 50" issue. In 2018, a partnership with Goldman Sachs was announced through which Goldman Sachs' private wealth clients committed at least $250 million (USD) real estate investments through Cadre. In 2020, Cadre announced its "Direct Access" fund intended to include smaller investors with a $400 million target raise. The company also offers a managed portfolio service and a real estate secondary market, as well as a cash holdings account called "Cadre Cash". The company has announced plans to address racial injustice in the United States by investing at least 10% of its Direct Access fund investments with minority-owned operators and increasing its cash held in black-owned banks.
Adam Seth Boehler is an American businessman and government official who was unanimously confirmed by the U.S. Senate to serve as the first chief executive officer of the U.S. International Development Finance Corporation. He is currently the chief executive officer of Rubicon Founders, a health care investment firm based in Nashville. He is the founder of Landmark Health, the largest provider of home-based medical care in the United States.
The Kushner family is an American family involved in real estate development. The family originated from Novogrudok, [Belarus], and is based in the New York metropolitan area. After surviving the Holocaust and settling in the United States, Joseph Kushner developed a portfolio of 4,000 apartments. He left the business to his sons, Murray and Charles Kushner, who worked together before having a falling out over business and personal matters. Charles, a convicted felon, owns Kushner Companies and Murray owns the Kushner Real Estate Group. The net worth of Charles' family has been estimated at over $1 billion. Jared Kushner, Charles' son, was senior advisor to President Donald Trump.
Affinity Partners is an American investment firm, based in Miami, Florida. It was formed in summer 2021 by Jared Kushner, Donald Trump's son-in-law who also served as a senior advisor during Trump's presidency. The firm has a focus on investing in American and Israeli companies. Its sources of funding are overwhelmingly from the Saudi Arabian government.
Thrive Capital is an American venture capital firm based in New York City. It focuses on software and internet investments. The firm was founded by Joshua Kushner who is also co-founder of Oscar Health and minority owner of the Memphis Grizzlies.
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