Joshua Kushner

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Joshua Kushner
Born (1985-06-12) June 12, 1985 (age 36)
Livingston, New Jersey, U.S.
Alma materHarvard College
OccupationOwner of Thrive Capital
Co-founder of Oscar Health
Principal director of Kushner Properties
Minority Owner of Memphis Grizzlies
Spouse(s)
​
(m. 2018)​
Children1
Parent(s)Charles Kushner
RelativesJoseph Berkowitz (grandfather)
Jared Kushner (brother)
Murray Kushner (uncle)

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

Early life[]

Kushner grew up in a Jewish family in Livingston, New Jersey to Charles and Sheryl Kushner.[4] Kushner graduated from Harvard College in 2008, and from Harvard Business School in 2011.[5][6][7]

Career[]

Early career[]

During his sophomore year, Kushner was founding executive editor of Scene, a new Brooks Brothers-sponsored student-publication that aimed to be "Harvard's version of Vogue and Vanity Fair".[8] According to The Harvard Crimson, Scene "faced blistering criticism upon its release", with students going so far as creating a "Scene Magazine is Bullshit" Facebook group criticizing it for its "completely ludicrous ... skewed portrayal of the Harvard community" and "lack of models who were minorities".[9]

In the spring of his junior year, with two graduate students he pooled $10,000 to found social network Vostu,[10] 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".[11] Vostu laid off the majority of its employees in 2013 and significantly scaled back its operations after a lawsuit from a competitor accused them of fraud, IP theft and copying games.[12][13]

The year after graduation, he also co-founded a start-up called Unithrive, with the cousin of the president of Kiva who was also a Harvard student. 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.[14] After graduating from Harvard, he started his career in the Private Equity Group at Goldman Sachs, in the Merchant Banking Division,[15] but left after a short stint.

Thrive Capital[]

He founded Thrive Capital in 2009, a venture capital firm that focuses on media and internet investments.[16][17] Since its founding, Thrive has raised $750 million from institutional investors, including Princeton University.[18] Thrive has raised several capital funds, including Thrive II, which raised $40 million in 2011, Thrive III, which raised $150 million in 2012, and Thrive IV, which raised $400 million in September 2014.[18][19]

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.[10]

For his work with Thrive, Kushner was named to Forbes' 30 Under 30,[20] Inc. Magazine's 35 Under 35,[21] Crain's 40 Under 40,[22] and Vanity Fair's Next Establishment.[23]

In 2021 it was reported by Bloomberg that Goldman Sachs had invested in Kushner's Thrive Capital at a $3.6 billion valuation.[24]

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.[25] During calendar year 2020 Oscar's net income was -$400 million. Oscar went public in 2021 with Kushner's Thrive Capital owning a stake worth $1.14 billion.[26][27] Oscar has struggled since its IPO, falling over 50% from its IPO price.[28]

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 Jared had said publicly that Google was developing the website.[29]

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 client, such as family offices and endowments, invest in real estate.[30][31]

JK2[]

See also: Kushner Companies § Controversies

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 be have committed "widespread and numerous" violations 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.[32][33][34]

Kushner's JK2 was also featured in an episode of Netflix's Dirty Money series titled "Slumlord Millionaire."[35] 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 mostly poor immigrants to garnish their wages calling them a "tier-1 predator".[36]

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.[37]

Personal life[]

Kushner started dating model Karlie Kloss in 2012.[38] The couple got engaged in July 2018, a month after Kloss' conversion to Judaism (Kushner's faith).[39] The couple married on October 18, 2018.[40] The couple had their first child, a son, in 2021.[41]

His brother, Jared Kushner, is Donald Trump's senior advisor and son-in-law, and is an investor in Oscar Health.[42]

2017 Saudi Arabia trip and Ethics concerns[]

According to an investigation by the NYTimes, in late October 2017, Joshua Kushner visited Saudi Arabia and 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 Saudi, his brother Jared, and several other senior members of the Trump administration visited and met with the Crown Prince Mohammed Bin Salman.[43] Several ethics experts told The Times, that while the meeting was not illegal, it raised ethical concerns for Joshua and his brother as it was a potential conflict of interest.[43] The Intercept reported in 2018, that after the meeting in October 2017, the Saudi Crown Prince bragged to confidants that Jared Kushner was "in his pocket".[44]

Qatar Kushner Companies 666 Fifth Avenue Investment[]

In June 2017, Saudi Arabia and the UAE had implemented a naval blockade on Qatar, accusing them of aiding terrorist groups, and reportedly planned to invade Qatar.[45] During the dispute, Jared had backed the Saudi's and Emirati's in the conflict, undermined efforts by then Secretary of State Rex Tillerson to stop the blockade and to bring the conflict to a peaceful outcome, and pressured President Donald Trump to back the Emiratis and Saudis in the dispute, which the President did, according to the NYTimes.[46]

Kushner Companies, a firm that which Joshua serves as Principal Director, during the months prior to the blockage, had attempted to seek financing from the Qatari's for their signature 666 Fifth Avenue property, which was facing a massive debt load in April 2017.[47] Joshua's father, Charles Kushner, had met with Qatari finance minister, twice, to seek financing for the property.[47][48] The deal fell through but ethics concerns were raised by US intelligence officials.[49] Kushner Companies had, through 2015 and 2016, sought an additional $500 million from a Qatari billionaire and former Prime Minister but the deal fell through after Kushner Companies was not able to raise additional funding required for the $500 million investment.[50] During the same week that his father was meeting with the Qatari finance minister in April 2017, Ali Shareef Al Emadi, Josh also met with Al Emadi, and pitched him on investing in Thrive Capital, which Ali Emadi declined.[51] A Qatari source told The Intercept that it would have been “much cheaper” to simply pay Kushner for his failing investment and not suffer the blockade from Saudi/UAE (the blockade ended as soon as Trump left office in January).[52] Tom Barrack, a private equity billionaire and close advisor to President Trump told The Washington Post in 2017 that he had tried to rescue the financing for 666 Fifth Avenue after the investment fell through and had called the former prime minister of Qatar and advised him that he should invest in the project which he still didn't.[53][54] Barrack was indicted in 2021 for failing to register as a foreign agent (on behalf of the UAE), conspiracy, obstruction of justice and four counts of making false statements to the FBI. He faces over 30 years in prison if convicted on all counts.[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. ^ Ozanian, Mike. "Memphis Grizzlies Minority Sale To Joshua Kushner Values Team At $1.32 Billion". Forbes. Retrieved May 1, 2021.
  3. ^ 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.
  4. ^ "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.
  5. ^ Golden, Daniel. "The Story Behind Jared Kushner's Curious Acceptance Into Harvard". ProPublica. Retrieved March 15, 2021.
  6. ^ 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.
  7. ^ "Q+A Joshua Kushner". Details. Archived from the original on October 7, 2011. Retrieved November 7, 2013.
  8. ^ Neyfakh, Leon (December 7, 2005). "DOORDROPPED: Which Scene?". The Harvard Crimson. Retrieved January 2, 2016.
  9. ^ "Glossies Gear Up For Second Run | News | The Harvard Crimson". www.thecrimson.com. Retrieved January 2, 2016.
  10. ^ a b "The 26-Year-Old VC Who Cashed In On Instagram". Forbes. Retrieved January 2, 2016.
  11. ^ Benitez, Andrew M. (March 7, 2007). "Students Start Spanish Social Site". The Harvard Crimson. Retrieved January 2, 2016.
  12. ^ "More Layoffs And Downsizing At Vostu, South America's One-Time Frontrunner in Gaming". TechCrunch. Retrieved April 29, 2021.
  13. ^ "After Zynga Settlement, Layoffs Hit Brazilian Social Gaming Company Vostu". TechCrunch. Retrieved April 29, 2021.
  14. ^ 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.
  15. ^ "The 26-Year-Old VC Who Cashed In On Instagram". Forbes. Retrieved November 7, 2013.
  16. ^ Rusli, Evelyn M. (August 22, 2011). "Joshua Kushner's Thrive Capital Raises $40 Million". The New York Times. Retrieved November 7, 2013.
  17. ^ "Joshua Kushner worked for Goldman Sachs before he started Thrive Capital, which invested in Instagram and Kickstarter". Business Insider. Retrieved January 2, 2016.
  18. ^ a b Rusli, Evelyn M. (September 6, 2012). "Thrive Capital Raises $150 Million Fund, Bolstering Profile". The New York Times. Retrieved November 7, 2013.
  19. ^ "Venture Firm Thrive Capital Raises Another Fund". The New York Times. October 6, 2014. Retrieved June 3, 2015.
  20. ^ Vardi, Nathan. "Joshua Kushner, Managing Partner, Thrive Capital, 26 - In Photos: 30 Under 30: Finance". Forbes. Retrieved November 7, 2013.
  21. ^ "Insurance in the U.S. is Broken. Oscar Wants to Fix It". Inc. Magazine. June 24, 2014. Retrieved June 3, 2015.
  22. ^ "Crain's 40 Under Forty Joshua Kushner, 28". Crain's New York Business. Retrieved June 3, 2015.
  23. ^ Deligter, Jack (March 21, 2012). "The Next Establishment". Vanity Fair. Archived from the original on September 23, 2011. Retrieved November 7, 2013.
  24. ^ Roof, Katie (May 20, 2021). "Goldman Sachs Is Said to Invest in Josh Kushner's Thrive Capital". Bloomberg News.
  25. ^ Bertoni, Steven. "Oscar Health Gets $400 Million And A $2.7 Billion Valuation from Fidelity". Forbes. Retrieved May 12, 2016.
  26. ^ Livingston, Shelby. "Oscar Health, the original buzzy health insurance startup, has filed to go public. We pored over its 208-page filing to find 4 key takeaways". Business Insider. Retrieved February 8, 2021.
  27. ^ 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.
  28. ^ Japsen, Bruce. "Obamacare Provider Oscar Health Reports Loss Even As Revenue Soars". Forbes. Retrieved May 20, 2021.
  29. ^ Meyer, Robinson (March 31, 2020). "Exclusive: Kushner Firm Built the Coronavirus Website Trump Promised". The Atlantic. Retrieved May 1, 2021.
  30. ^ "Kushner Had a Plan to Shed His Cadre Stake. Then the Pandemic Upended It". Bloomberg.com. August 13, 2020. Retrieved May 1, 2021.
  31. ^ "Jared Kushner to Retain Stake in Cadre | The Real Deal". The Real Deal New York. July 17, 2020. Retrieved May 1, 2021.
  32. ^ "Jared Kushner's apartment company violated consumer laws in Maryland, judge rules". April 29, 2021.
  33. ^ "Judge: Kushner's apartment company violated consumer laws". AP NEWS. Retrieved May 1, 2021.
  34. ^ "Judge: Kushner's apartment company violated consumer laws". thestar.com. April 30, 2021. Retrieved May 1, 2021.
  35. ^ DiMauro, Morgan Pehme,Daniel (March 27, 2020). "Jared Kushner, Slumlord Millionaire, Can't Evict the Virus". The Daily Beast. Retrieved May 20, 2021.
  36. ^ MacGillis, Alec. "The Beleaguered Tenants of 'Kushnerville'". ProPublica. Retrieved May 20, 2021.
  37. ^ FangApril 4, 2020, Lee FangLee; A.m, 11:00. "Coronavirus Hasn't Stopped Jared Kushner's Real Estate Empire From Hounding Tenants With Debt Collection, Eviction Lawsuits". The Intercept. Retrieved July 23, 2021.CS1 maint: numeric names: authors list (link)
  38. ^ 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.
  39. ^ "Karlie Kloss Is Engaged to Joshua Kushner: 'Their Hearts Are Full'". PEOPLE.com. Retrieved July 24, 2018.
  40. ^ Kimble, Lindsay (October 18, 2018). "Karlie Kloss Is Married! Supermodel Weds Joshua Kushner in Custom Dior Gown". People. Retrieved October 19, 2018.
  41. ^ Hanau, Shira. "Josh Kushner's former Israeli yeshiva leaks his baby's name". www.timesofisrael.com. Retrieved May 1, 2021.
  42. ^ https://www.forbes.com/sites/chloesorvino/2016/12/18/jared-josh-kushner-fortune-donald-trump-real-estate/?sh=523327522f42
  43. ^ a b 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.
  44. ^ Emmons, Alex EmmonsRyan GrimClayton SwisherAlex; Grim, Ryan; SwisherMarch 21, 2018, Clayton; P.m, 9:09. "Saudi Crown Prince Boasted That Jared Kushner Was "In His Pocket"". The Intercept. Retrieved July 23, 2021.CS1 maint: numeric names: authors list (link)
  45. ^ EmmonsAugust 1, 2018, Alex EmmonsAlex; A.m, 11:00. "Saudi Arabia Planned to Invade Qatar Last Summer. Rex Tillerson's Efforts to Stop It May Have Cost Him His Job". The Intercept. Retrieved July 23, 2021.CS1 maint: numeric names: authors list (link)
  46. ^ Landler, Mark; Harris, Gardiner (June 9, 2017). "Trump Team's Shifts Jolt Some Allies and Soothe Others". The New York Times. ISSN 0362-4331. Retrieved July 23, 2021.
  47. ^ a b Swisher, Clayton SwisherRyan GrimClayton; GrimMarch 2, 2018, Ryan; A.m, 10:00. "Jared Kushner's Real-Estate Firm Sought Money Directly From Qatar Government Weeks Before Blockade". The Intercept. Retrieved July 23, 2021.CS1 maint: numeric names: authors list (link)
  48. ^ "Kushner Companies confirms meeting with Qatar on financing". Washington Post. ISSN 0190-8286. Retrieved July 23, 2021.
  49. ^ "The troubling overlap between Jared Kushner's business interests and US foreign policy | Mohamad Bazzi". the Guardian. July 8, 2019. Retrieved July 23, 2021.
  50. ^ Walsh, Ben WalshRyan GrimClayton SwisherBen; Grim, Ryan; SwisherJuly 10, 2017, Clayton; P.m, 3:25. "Jared Kushner Tried and Failed to Get a Half-Billion-Dollar Bailout From Qatar". The Intercept. Retrieved July 23, 2021.CS1 maint: numeric names: authors list (link)
  51. ^ Swisher, Clayton SwisherRyan GrimClayton; GrimMarch 23, 2018, Ryan; P.m, 6:56. "Joshua Kushner Met With Government of Qatar to Discuss Financing in the Same Week Father Charles Kushner Did". The Intercept. Retrieved July 23, 2021.CS1 maint: numeric names: authors list (link)
  52. ^ Walsh, Ben WalshRyan GrimClayton SwisherBen; Grim, Ryan; SwisherJuly 10, 2017, Clayton; P.m, 3:25. "Jared Kushner Tried and Failed to Get a Half-Billion-Dollar Bailout From Qatar". The Intercept. Retrieved July 27, 2021.CS1 maint: numeric names: authors list (link)
  53. ^ 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.
  54. ^ Qureshi, Zamman (July 27, 2021). "US Foreign Policy For Sale: Thomas Barrack, Jared Kushner and the UAE". Byline Times. Retrieved July 27, 2021.
  55. ^ Herndon, Astead W. (July 26, 2021). "Thomas Barrack, a Trump ally and former fund-raiser, pleads not guilty to illegal lobbying charges". The New York Times. ISSN 0362-4331. Retrieved July 27, 2021.
  56. ^ Durkin, Erin. "Trump ally Tom Barrack pleads not guilty to foreign agent charges". POLITICO. Retrieved July 27, 2021.

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