Companies Owned by Josh Kushner: Stakes, Investments & Exits

Kushner’s main business is Thrive Capital, a venture firm that invests in technology companies across multiple stages. It earns management fees and may receive carried interest from funds, while limited partners contribute most of the investment capital. Thrive’s tenth fund closed in February 2026, followed by strong late-stage and early-stage investment activity. The firm has backed companies including OpenAI, SpaceX, Stripe, Spotify and Instagram, although fund positions are not the same as personal holdings.

Thrive Holdings applies a different model. Launched in 2025, it acquires and operates service businesses, then embeds engineering teams and AI products into workflows. By August 2026 the platform had multiple institutional investors and more than 70 companies in its network. The platform has drawn more than $2 billion at a reported $12 billion valuation. The structure combines permanent capital, operating-company ownership and technology deployment rather than conventional venture rounds alone.

Oscar Health is a separate operating company in which Kushner has a founding role and substantial voting influence through Thrive entities. Oscar sells individual and employer health insurance and technology services. Its dual-class stock gives Class B shares 20 votes each, allowing affiliated holders to retain majority voting power with a smaller share of total capital. This governance structure lets Thrive support the company while public shareholders own traded Class A stock.

We see the overall business architecture as two engines: venture returns from fast-growing technology companies and operating control through Thrive Holdings. The Lakers purchase would add a sports franchise asset if it closes, while the Miami Heat stake must be sold under league rules before he acquires another NBA team. ADT would create a large residential-security platform, but leverage and integration costs will matter. Capital commitments across these activities make liquidity management central to the strategy.

Oscar Health, the public insurer also carries a different financial risk profile from a venture portfolio. Oscar must price policies to cover claims, administer benefits and meet state capital requirements. Thrive’s voting rights give Kushner influence over strategy, but they do not shield the company from medical-cost volatility or regulatory changes.

Kushner’s clearest control positions are at his venture manager and the public insurer Oscar Health. Forbes reported approximately 66% ownership of the venture manager. Oscar’s April 2026 proxy showed Thrive-affiliated holders and Kushner with 14.2% of outstanding capital and 68.0% voting power. After the September distribution, Oscar reported about 67% combined voting power. The difference between voting and economic ownership arises from Class B shares carrying 20 votes per share.

At Thrive Holdings, Kushner serves as founder and CEO. Thrive Holdings has brought in external institutional partners and is building a company portfolio alongside its founder-led team. Outside investors joined those financings, so founder status does not mean sole ownership. The permanent-capital structure can support longer operating plans than a traditional short-horizon fund, while external capital adds investor rights and return expectations.

His sports interests operate under league rules. The 5% Miami Heat position is a minority investment, and the Lakers purchase agreement with Bob Iger was still awaiting NBA approval in October. NBA ownership restrictions require divestment of the Heat interest before the Lakers purchase can proceed. The Buss family’s remaining shares also became subject to a dispute, introducing legal and governance uncertainty around the seller group.

We see a control profile that varies by vehicle: majority ownership at Thrive Capital, voting control at Oscar, executive leadership at Thrive Holdings and a pending co-buyer role for the Lakers. Those roles should not be collapsed into one ownership percentage. Control also concentrates exposure because Oscar and Thrive Holdings decisions can materially affect Kushner’s private and public company interests. Investor confidence will depend on board oversight, clear separation between fund assets and permanent capital, and disciplined integration after acquisitions. Oscar Health’s board structure and Thrive’s investment agreements govern these rights.

The Lakers proposal would place Kushner in a co-buyer position with Iger, subject to approval and final ownership terms. His 5% Miami Heat interest creates a required sequencing issue under NBA rules. These constraints show that a minority sports stake can still limit future transactions when league ownership rules apply.

Thrive Capital’s tenth fund raised $10 billion in 2026, a substantial reserve for new investments and follow-on rounds. The strategy has backed software and technology companies whose value can compound rapidly, but large late-stage rounds require careful pricing. OpenAI, SpaceX and Stripe each operate in markets with high capital needs and intense competition. Follow-on commitments can defend ownership percentages, though they also concentrate a fund’s exposure in companies already carrying significant private valuations.

The public insurer’s technology platform supports its direct-to-consumer insurance model. The value proposition depends on member growth, medical cost control and pricing discipline. Its dual-class structure gives Thrive-associated holders about 67% of the vote after the September 2026 distribution, while a smaller percentage of economic capital. That can preserve strategic control, but minority investors bear dilution and governance risk if voting authority is not matched by accountability.

Thrive Holdings’ August 2026 capital raise exceeded $2 billion with outside investors participating, and the company said it had more than 70 owned or operated businesses. Its model requires acquisition capital, operational specialists and product development. The ADT agreement would introduce a highly leveraged transaction, making the cost and maturity of its financing central to returns. AI transformation can improve customer service or technician productivity, but integrations, cybersecurity and customer retention will determine returns.

We see a broad capital-allocation challenge across venture, insurance, services and sports. The Lakers agreement prices the franchise at $12.5 billion, but the buyers’ ownership split and financing are not fully public. Miami Heat shares must be divested before closing, creating a sequencing requirement. The strongest investment discipline will preserve liquidity for commitments and avoid using private asset valuations as substitutes for cash available to close large transactions.

Investor protections and debt covenants will influence the flexibility available after closing. In an acquisition of ADT’s scale, the business must continue investing in technicians, monitoring infrastructure and customer support while servicing financing. Thrive Holdings’ stated technology agenda will need to produce measurable productivity gains without weakening service quality.

Deal size comparison

Bars share one scale. Only deals with a disclosed value are shown.

Kushner’s earlier liquidity has largely come through venture fund realizations and public listings rather than a reported sale of Thrive Capital. Early Thrive investments in Instagram and Spotify reached acquisition or public-market liquidity; fund investors received returns according to their respective investment terms. The exact personal proceeds depend on fund ownership, carry and investment timing. A company’s public success does not establish that the founder personally sold his entire position.

Thrive returned a portion of Oscar Health stock to fund investors after a holding period exceeding 14 years. Oscar said Thrive and Kushner did not sell shares in the distribution and that he had no plans to sell his personally held stock. This is a liquidity event for fund investors through a share distribution, while Kushner retained his Vice Chair position and voting authority at Oscar Health.

The Los Angeles Lakers agreement and ADT agreement are both pending, not completed exits or acquisitions. Kushner and Bob Iger signed the Lakers agreement, which still requires NBA approval. The October 2026 ADT agreement includes substantial equity financing and debt, with closing expected in 2027 subject to conditions. Neither transaction should be treated as a current asset until closing.

We see several possible liquidity routes: public distributions from Oscar, fund exits from Thrive Capital, operating-company cash flows at Thrive Holdings and future sports ownership transfers. Each has different timing and governance requirements. If ADT closes, debt financing could increase returns but also the risk of the acquisition. The Lakers deal remains complicated by league review and the Buss family’s dispute over its remaining stake. Transaction completion, not headline valuation, will determine the actual change in ownership. ADT’s agreement will change the ownership picture only after conditions are met.

Oscar’s September 2026 share distribution reduced the fund vehicle’s position while Kushner remained Vice Chair and a controlling shareholder. His own shares and voting influence continued after the transaction, leaving his public-company role intact.