The Lakers are reportedly being sold to Josh Kushner, the founder of Thrive Capital, and Bob Iger, the former CEO of Disney, for an unprecedented price exceeding $12 billion, as per sources referenced by Ramona Shelburne of ESPN.com.
Kushner and Iger had previously participated in the expansion efforts in Las Vegas. However, in a surprising development, they shifted their focus to present a bold offer to acquire the Lakers from Mark Walter, who had acquired a controlling stake in the team from the Buss family last year.
Kushner and Iger issue statement
Kushner and Iger issued a statement regarding the sale, which included the following excerpt, “We are deeply honored for the opportunity to become stewards of the Los Angeles Lakers. … We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles.”
In another statement, Walter said, “Owning the Los Angeles Lakers has been one of the great honors of my life — an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. … The Lakers belong to Los Angeles, and I have every confidence the best is still ahead.”
Who is Josh or Joshua Kushner?
In contrast to his elder brother Jared, who acted as a senior advisor during the initial Trump administration and continues to play a significant role in real estate and international diplomatic funds, Josh Kushner has primarily developed his career within Silicon Valley and the technology sector of New York.
In 2009, at the age of 25, Kushner established Thrive Capital.
Over the last fifteen years, Thrive has evolved into a significant venture firm, overseeing more than $60 billion in assets under management (AUM). Kushner became well-known early on for making highly profitable investments in major technology platforms:
Instagram: Thrive was an initial investor, increasing its valuation shortly before Facebook acquired the platform in 2012.
OpenAI: Kushner’s firm led substantial funding rounds for the ChatGPT developer, becoming one of its primary institutional supporters.
Stripe, Spotify, and Oscar Health: Thrive was instrumental in early-stage investments in fintech, streaming services, and digital healthcare (Kushner co-founded Oscar Health in 2012).
Skims: Thrive made significant investments in Kim Kardashian’s multi-billion-dollar clothing brand.
To enable the management of assets over extended periods that exceed typical technology venture timelines, Kushner established Thrive Eternal. This holding structure was designed specifically to secure permanent equity interests in leading sports, entertainment, and media companies.
Josh Kushner’s family
Kushner is wed to supermodel and entrepreneur Karlie Kloss, with whom he has two children. Although his family has significant connections to Republican politics, Kushner has cultivated a unique public and political identity.
He has been a registered Democrat for his entire life and has made public donations to Democratic campaigns, such as March for Our Lives, as well as to various progressive social initiatives.
