WHO IS JOSH KUSHNER, THE BILLIONAIRE WHO JUST BOUGHT THE LAKERS?

Joshua Kushner, founder of Thrive Capital, speaks during the Hill & Valley forum at the US Capitol in Washington, DC, on Wednesday, April 30, 2025. Al Drago/Bloomberg/Getty Images

New York —  Josh Kushner doesn’t give many interviews or make public appearances often, but he’s keen on making headlines.

Kushner, the brother of President Donald Trump’s son-in-law Jared, announced that he was teaming up with former Disney CEO Bob Iger to buy the Los Angeles Lakers for a record-breaking $12.5 billion.

It’s just one of many flashy deals and investments involving the 41-year-old as of late. His successful career as founder of Thrive Capital, a venture capital firm that raised more than $10 billion in its latest round, has served as a springboard to build his status as a powerful mogul.

“I think Thrive is a very small percentage of its potential. I feel like we’re just getting started,” Kushner said in a February podcast, frequently mentioning loyalty and humility as his core leadership values.

“I believe that my word, the word of the firm, is more important than anything else,” he continued.

Thrive has amassed a massive portfolio, ranging from early investments in high-profile technology companies like OpenAI and SpaceX, to trendy brands such as Spotify, Kim Kardashian’s SKIMS and movie studio A24. It’s also involved in sports, owning minority portions of the San Francisco Giants and the Miami Heat.

The New York-based firm also has an offshoot, called Thrive Holdings, which invests in companies that are working to modernize traditionally old-school industries through AI.

“I think this is the most important moment in our lifetimes. In many respects AI is underhyped,” Kushner said in a 2025 interview at the tech and policy summit The Hill & Valley Forum.

Kushner’s Thrive is also a pivotal investor in OpenAI, most recently funneling another $1 billion to the company in December, CNBC reported. He shares a close working relationship with OpenAI CEO Sam Altman.

“Josh makes high-conviction bets on high-quality companies and founders, and he doesn’t care too much about what other investors think. I feel a lot of camaraderie with that,” Altman told Fortune in 2024.

Josh, born in New Jersey, is the son of real estate tycoon Charles Kushner. He’s the younger brother of Jared Kushner, who is more well known these days as the son-in-law of President Donald Trump. His father Charles was pardoned by Trump in 2020 over a 2005 conviction on federal tax evasion charges.

Founder and CEO of Thrive Capital Josh Kushner attends the Allen & Company Sun Valley Conference at the Sun Valley Lodge on July 10, 2026 in Sun Valley, Idaho. Kevin Dietsch/Getty Images

Josh, however, has largely steered clear of associating himself with the Trump family. Rather, he’s building one of his own with model Karlie Kloss, who married in 2018 and have three children. The pair are regulars at the Met Gala.

Still, the two have not been fully able to separate themselves from his family. (“Not even to dinner with the Kushners?,” one contestant on reality TV show Project Runway infamously quipped to Kloss over criticism about a dress designed for her.)

“I’m sure I’m not the only person in this country who does not necessarily agree with their family on politics,” Kloss said in a later interview. “… my man and I have been through a lot together and you know I’m so proud that he’s my partner.”

Kushner said in 2017 that “It is no secret that liberal values have guided my life and that I have supported political leaders that share similar values.”

Kushner also founded Oscar Health in 2012, a health insurance company that initially capitalized on the creation of the Affordable Care Act marketplaces and recently posted record profits.

According to Forbes, Kushner is worth about $5 billion.

Still, not all of his bets are successful: Last month Kushner’s Thrive Eternal was part of a controversial —and quickly scrapped — plan with FIFA to sell private stakes in upcoming World Cup tournaments. FIFA said that the money generated will be reinvested back into the sport.

Kushner’s purchase of the Lakers “serves as a way to put the FIFA controversy behind him quickly and almost turn a new leaf in the sports sector,” Mark Conrad, professor of law and ethics at Fordham University’s Gabelli School of Business, told CNN over email.

“It certainly puts him on the map more than before,” he said.

- Jordan Valinsky and Ramishah Maruf

WILLOW BAY, DISNEY CEO BOB IGER TAKE MAJORITY STAKE IN ANGEL CITY

England ended their home summer unbeaten with a comfortable 20-run win over a struggling New Zealand at Lord's.

Angel City FC is now the most valuable women's sports team in the world following an agreement by Willow Bay and Bob Iger to purchase a controlling stake in the National Women's Soccer League franchise at a $250 million valuation.

Bay, the dean of the USC Annenberg School for Communication and Journalism, and Iger, the CEO of the Walt Disney Company, will become the new majority owners of the Los Angeles-based club, pending league approval and the closing of the transaction.

"I can't imagine a more exciting time in women's sports," Bay told ESPN. "It's actually an historic moment in sports and an historic moment for women's sports. It's just breathtaking and it's only the beginning of the ascent. I think to be part of the team, to be part of the future trajectory of this team, this sport and women's sports, is incredibly exciting."

Bay and Iger, who are married, will invest an additional $50 million into the club.

Their investment makes them the new controlling owners of Angel City, joining an ownership group that is otherwise unchanged.

The Walt Disney Company is the majority owner of ESPN.

Bay "will serve on and have full control of" Angel City's board, according to the team, and she will also represent Angel City on the NWSL's board of governors.

The transaction was unanimously approved by Angel City's board of directors and is expected to close in the next 30 to 60 days. Angel City's board will continue to include Natalie Portman, Julie Uhrman, Alexis Ohanian and Gillian Berry, according to the team.

In a collective statement, Angel City's board said Bay and Iger "bring unparalleled operational experience, expertise, and passion" and that "they are committed to further strengthening ACFC's position as a preeminent organization and brand in women's sports."

Bay said it was too early to share specifics on how the additional $50 million would be invested.

Angel City was founded by Portman, Uhrman and venture capitalist Kara Nortman.

Ohanian, who founded Reddit, was the club's previous controlling owner. Ohanian previously stated that he was not selling any shares in the team.

The club has enjoyed success since its founding in 2020 and its first season in 2022. It sold more than 15,000 season tickets before playing a game, in a league that averaged fewer than 6,000 fans per game the year prior.

The team frequently sells out BMO Stadium in Los Angeles, creating an "unrivaled" experience, as Bay describes it.

Still, facilities have been one of Angel City's challenges. BMO Stadium is one of the best venues in the NWSL, but Angel City is not the primary tenant and has battled issues that included the rescheduling of this year's home opener.

The team also remains at a temporary training facility in a different county.

"When we look at areas of opportunity, we certainly think player development and player support is on the list of priorities without question," Bay said.

Bay said that she and Iger have followed the team since its inception, and they frequently attend matches with their family. They also have personal connections to a robust ownership group that includes Billie Jean King among dozens of other celebrities.

NWSL valuations continue to rise. Angel City's sale comes a few months after San Diego Wave FC set a league mark for a two-part transaction that values the club between $113 million and $120 million.

Bay said she is excited to join the "breadth of experience" among the league's new owners at an important moment for the NWSL and women's sports.

She stressed that Angel City is only getting started.

"The momentum here is strong and sustainable," Bay said. "Angel City starts from an incredibly strong and, frankly, record-setting foundation of incredibly talented athletes, a passionate and committed fan base, and really strong ties to the community. We know that all of this is poised for growth."