Ivanka Trump’s brother-in-law has more wealth than her father Donald Trump and her husband Jared Kushner combined, a report showed.
Josh Kushner, founder of investment firm Thrive Capital, has recently seen his personal fortune shoot up to $3.7 billion after several billionaires backed his firm, according to a Bloomberg report.
Billionaires Mukesh Ambani, Jorge Paulo Lemann, Xavier Niel, Henry Kravis and Robert Iger reportedly invested a $175 million minority stake in Thrive Capital, raising the firm’s current value to $5.3 billion, Thrive announced Tuesday.
“These extraordinary operators have built storied institutions, achieved geographic preeminence, ushered beloved brands to even greater heights, and pioneered entirely new industries,” Thrive said.
The recent investment boosted the 37-year-old Kushner’s wealth to $3.7 billion, around $1.1 billion worth more than Donald Trump’s $2.6 billion, and more than $2 million than his older brother and Ivanka’s listed assets of between $206 million to $803 million, per Bloomberg.
The investment comes even amid the recent slowdown in the technology sector which affected venture capital in 2022. Thrive portfolio companies including publicly traded Nu Holdings Ltd. and Robinhood Markets Inc. saw their valuations decrease.
According to Bloomberg, Thrive’s billionaire investors valued the firm at about a third of its roughly $15 billion of assets under management — a higher ratio than some of their own firms.
Kushner’s firm has backed some of the tech industry’s notable startups such as Instagram, Spotify and Slack. The company invested $500 million in Instagram in April 2012. The venture capital also invested early in Stripe, a payments firm worth $63 billion.
The firm also invested in other high-profile companies such as Airtable, GitHub, Fanatics, Plaid, Twitch and Warby Parker.
More recently, Thrive invested in Kim Kardashian‘s shapewear brand Skims and the NFT-focused Bored Ape Yacht Club, according to the New York Post.
In May 2021, Goldman Sachs unit Petershill Partners invested an estimated $120 million in Thrive in exchange for an estimated 3 percent stake, Forbes reported earlier.