Before buying the Lakers for $12.5 billion, Joshua Kushner made a $1.3 billion bet on OpenAI
Fortune • • sports
Key Points:
- Joshua Kushner, founder of Thrive Capital, is involved in a pending sale that could become the largest sale price for a professional sports team in U.S. history, pending NBA Board of Governors approval.
- Kushner, known for backing major startups like Instagram, Spotify, and OpenAI, has invested over $2 billion in OpenAI, including a recent $1 billion investment at a $285 billion valuation.
- His investment philosophy emphasizes backing strong leadership and long-term partnerships, inspired by Charlie Munger and Warren Buffett's principles of compounding and concentrated ownership.
- Kushner's close relationship with OpenAI CEO Sam Altman is based on shared investment styles focusing on high-conviction bets and loyalty to founders even during challenging times.
- Thrive Capital, valued at $12 billion, holds stakes in multiple sports franchises including the San Francisco Giants and Miami Heat, and Kushner is the wealthiest member of his family with an estimated net worth of $5.2 billion.
