On August 12, it was announced that former Disney CEO Bob Iger, and venture capitalist Josh Kushner were buying the NBA Los Angeles Lakers for an all-time record price of $12.5 billion. Kushner didn’t reveal it on his X account. The 41-year old billionaire celebrated another deal, which closed on the same day. Thrive Holdings was the company he founded in 2025, to purchase services firms, and then transform them using AI. It had raised $2 Billion from investors, including SoftBank, at a valuation of $12.5 Billion.
He wrote: “We feel exceptionally fortunate to be building in a time of profound innovation.” The Lakers were not mentioned, but they are a team that is famous enough to have survived the omission.
Kushner has had a summer like no other. In Silicon Valley, he is known for his VC company Thrive’s early bets made on Instagram, Spotify, and most recently OpenAI. He has been able to spend the last two months appearing less as a shy venture capitalist, and more of a power broker. He was seen in early July attending Taylor Swift’s wedding to NFL player Travis Kelce at Madison Square Garden with his supermodel spouse, Karlie. He was then photographed in Sun Valley Idaho, at Allen & Co.’s exclusive conference, often called “summer camp of billionaires”, where he met OpenAI President Greg Brockman.
The business world has seen an exciting season. Kushner scored a big win in June when Elon Musk made SpaceX public, boosting Thrive’s reported stake to $10 billion. SpaceX then announced a $60 Billion deal for the acquisition of AI coding company Cursor. This valued Thrive’s 7% share in this firm at $4.25 billion. Kushner and Thrive had a controversial agreement in July to purchase a stake at the FIFA World Cup for $20 billion. The project collapsed within 3 days.
The news just keeps on coming. On Monday, less that a week following the announcement of the Lakers’ deal, Jeanie BUSS, the lawyer for the NBA’s controlling governor denied having agreed to sell her and five other siblings’ 17.8% collective stake in the Lakers. This could complicate Kushner’s $12.5billion deal with Iger before the deal reaches its parade route.
It is evident that the wealth of the Kushner brothers is increasing at an astronomical rate. Forbes says he is now worth more than $16.7 billion. This represents a jump of $5.2 billion from a year earlier, thanks to the Thrive Holdings’ new valuation and the ballooning assets at Thrive. This estimate does not include his Lakers’ stake. The value could not be calculated because the Lakers’ acquisition hasn’t been completed. The Miami Heat stake, estimated at $80m, is also a part of his holdings. He will need to sell it before the Lakers deal goes through. Kushner’s representative declined to make any comments.
The younger Kushner is now nearly 17-times richer than Jared Kushner, son-in law of President Donald Trump and special peace ambassador, who made his fortune through the private equity company Affinity Partners. It also makes him almost three times richer than the president. It’s almost comical how the family is different: Josh has been a lifelong Democrat while Jared, and Charles, their father, who was convicted in 2005 of illegal campaign donations, tax evasion and witness tampering before he was pardoned in 2020 by Trump, are firmly in Trump’s orbit.
The wealth boom is mainly Thrive’s story. Kushner, in an August letter sent to Thrive’s investors, revealed that Thrive held more than $65.9 billion of assets, which is nearly three times the $23.00 billion they had in December 2024. This was $15.9 billion higher than what it reported in a July regulatory filing. He also suggested that a stake similar to that of the 3% the company sold in 2021, and later flipped for two years afterward, could be offered by Kushner in an August letter sent to Thrive investors.
Thrive was founded in New York in 2010. Joel Cutler co-founded General Catalyst, a VC company. Kushner, who was 25 years old at the time and had just graduated from Harvard Business School, worked for Goldman Sachs Private Equity Desk for a year after. Since then, the firm has raised 10 flagship funds. The latest one, Thrive X closed in March, and had more than $10 billion committed to it.
Forbes reported in 2017 that Marc Andreessen, a billionaire venture capitalist, said: “Thrive’s trajectory from conception to top-tier position, reputation, deals flow, and quality investment has been one of the shortest.”
Kushner’s success has been reflected in the value of many startups around the globe. In 2012, Facebook bought Instagram from Thrive for $1 billion. This was just a few days after Thrive invested $500 million. Thrive has backed many companies that have gone public since, such as Cursor and Instacart. Other companies include Nubank, Robinhood. Spotify, SpaceX, Spotify, Robinhood. Other companies remain privately held at huge valuations. These include Anduril, which was last valued at $60 billion in May; Databricks ($190 billion in August); and Stripe ($159 billion in February). OpenAI is another company that was valued last at $852 Billion in March. It will be going public within the year.
Kushner stated in his investor letter that “we have always believed that only a few exceptional companies can create an disproportionately large amount of value, and compound their benefits for a much longer period of time than what the market anticipates.”
Forbes estimated Josh’s wealth at $500 million when his stake in Thrive valued around $240 million. In 2021, he then sold a 3% share of Thrive at a valuation of $3.6 billion to Goldman Sachs’ Petershill Partners. This made Josh a $1 billionaire, with a fortune worth $2 billion, thanks to the estimated 66% stake he held in the company. Thrive repurchased this stake in December of 2022, and then sold it a month later for $175,000,000 to a group of investors, including Iger, KKR founder Henry Kravis and Asia’s richest person Mukesh Amani. Kushner now has a net worth of $3.6 billion.
Kushner’s fortune grew as Thrive Asset Management’s assets increased. Kushner’s fortune grew as Thrive’s assets under management soared.
These gains will also be passed directly on to Kushner’s investors. “Over the past 12 months we have generated over $1 billion in liquidity. We believe that there could potentially billions in additional liquidity coming in the next quarters,” Kushner wrote in his letter.
OpenAI could be valued at over $1 trillion in its IPO. Thrive also has stepped into the public market recently, revealing a stake of $215 million in Amazon at the end of last June. This is worth an estimated $230 million. In March, the firm invested $100M in Shopify–which is now worth $130M–and still holds a 0.14 % stake in SpaceX valued at $2.6B. Kushner, who founded Oscar Health in 2012, is its oldest investment. It’s a health insurance company based on Obamacare. This stake, which is valued at $200 million following Oscar’s 114% increase in stock value this year due to membership growth and profit, has been a public investment since 2012.
Kushner has seen the value of his own money invested in Thrive funds grow from $186 million to $500,000,000 by June 30th, 2024. He also gets a portion of Thrive’s annual fees of 2% to 2,5%, as well as a percentage of carried interest.
Kushner may face a large tax bill in the future due to all that cash. Investing in sports franchises–especially ones as valuable as the Lakers–could bring significant tax benefits, depending on how he and Iger structure the deal.
Kushner, Iger, and others who meet specific criteria (such as taking an active part in the management of the team) and certain conditions regarding the structure of the acquisition, could be able to claim up to 90 percent, or $12.5 billion, which includes media rights, contracts with players, and even the premium paid, under tax law. These can be amortized for 15 years, and then used to reduce the owner’s personal taxes. This could generate a $750,000,000 tax benefit per year.
The strategy is not new: Former Microsoft CEO Steve Ballmer adopted a similar approach after acquiring the L.A. Clippers in 2014 for $2 billion. The price has increased. After Mark Walter purchased the Lakers for $10 billion just two years earlier, the Lakers have now broken the record of the most expensive sporting team sales twice within two years.
There’s no word yet on whether Kushner or Iger will be partnering in this deal. The two became close friends after their respective model wives Karlie and Willow Bay. Funds such as Thrive Eternal, which invests in cultural and sports assets, are only allowed to acquire 20% of NBA teams. The Buss heirs, biotech billionaire Patrick Soon Shiong, may also retain a share. Kushner has a rapidly increasing fortune, so he should be able to pay the bills.
Forbes: More on the Latest News
ForbesThe Los Angeles Lakers record $12.5 billion sale resets the market for sports teamsForbesThrive holdings to bet $1 Billion on AI-powered accounting roll-up

The Philadelphia Eagles, New England Patriots, and the Baltimore Ravens all had two joint practices before they played their preseason match on Saturday. And hey! the Birds did a much better job than in the first game of the preseason last week. We award 10 awards as usual.
Eagles offensive line wins the ‘Bulldozer Award’
In the Eagles second string offensive line’s first offensive series they absolutely bullied Patriots backup defensive line. Drew Kendall, Willie Lampkin and Markel bell were all particularly impressive. Kendall and Lampkin are shown here slamming into oblivion a Pats’ lineman:
I was concerned about the depth of offensive lines on the interior. No longer. It’s actually beginning to appear as a strength.
Will Shipley, winner of the ‘Stock Up Award’
Shipley ran 11 times in the Birds second line and gained 56 yards with a touchdown. He ran well and had good vision.
Shipley enjoyed a successful week in the two Eagles-Patriots joint practices, especially as a pass protector and receiver. In the final game, he had a strong rushing performance.
Dameon Pierce was threatening to take Shipley’s place as the RB3 earlier in training, but Shipley is now a lock for the roster.
“Again, Why?” Andy Dalton
Dalton failed to impress in Eagles first preseason match against Ravens. He also failed against Pats, only completing three of ten passes for a total of 44 yards.
Dalton’s first drive saw him pass over Eli Stowers who was open, but could have used some confidence boosting. Dalton was also lucky to have an interception negated due to a roughing-the-passer call.
It’s hard to understand why the Eagles started Dalton in place of Tanner McKee both preseason matches.
McKee’s final stats are 16/22 for 173 yard and two touchdowns. Most of it was short throws, followed by runs. He threw an excellent ball to E.J. Jenkins had a shot at a third TD. He had a good performance but not a great one. However, he was able to run the offense more effectively than Dalton.
Darius Cooper, The Preseason Go To Guy Award
Cooper caught all three Dalton completions in the short time he was on the field. He had 3 receptions totaling 44 yards. Cooper had an impressive run-after-catch on his first reception.
Makai Lemon is returning to the practice field soon. Lemon and Cooper will compete for the WR3 position to begin the new season.
Linebacker for the Eagles – The “Stacked” Award
Jeremiah Trotter played two very nice games, but then it was over for him.
Trotter made a great tackle in the open field to minimize damage. Trotter also recorded the next sack, which was a result of a perfectly timed blitz.
Jihaad has a lot of potential and is only going to achieve it if he starts playing. He should start and play. Trotter is the player I prefer right now, but that may change in time. Trotter is a good LB, but if a LB gets hurt, Deontae, Chance Campbell and Smael are all good options.
More: Eagles haven’t had so many quality ILBs in a while
Ty Robinson – The “Showing Some Life” Award
Ty Robinson had some good stuff to say in the Eagles first preseason match against the Baltimore Ravens. Vic Fangio replied, “Yeah. He came to life.” When asked what he thought of Robinson’s performance. Since he arrived, he has been kept alive by life support. But he is now living and we hope that this will continue. LOL!
Robinson’s performance against the Pats was another impressive one, with two sacks.
Robinson is now a sure bet to make it onto the team.
“Exchange Dudes” Award: Joshua Weru & Uar Bernard
Weru, who was playing in only his second game, sacked Pats quarterback Behren Morton after a false inside stunt. Via Anthony DiBona:
The Pats then ran an action boot Weru, which he then read, increasing pressure on Behren.
Fangio called Weru Bernard and Uar Bernard from Africa the Eagles “exchange guys.”
Weru is the one who seems to be more likely than Bernard to succeed in any way. Weru would be claimed if the Eagles were to cut him.
Bernard also did some good things. The Pats’ offensive linemen were able to be shed by him for two run stops. They played very well.
Carson Steele, The Edwin Moses Award
Carson Steele was able to posterize Pats defenders with 6 receptions, 84 yards and a TD. He also had two hurdles. One hurdle was in the endzone:
It’s possible that he has pushed himself to the fringe of the squad. In the No. 2 postseason match, I would like to take a closer look at him. 3.
9) The Better! The Eagles just as a whole
Last week, the Eagles were beaten in Baltimore. The Ravens scored 31 first-downs at one point during the game (lol), compared to only 2 for the Eagles. It was an entertaining and fun game. By the way, the Eagles did lose, but their important players made encouraging contributions, which is what counts.
The “Getting Closer” Award: Real Games
On Monday the Eagles have their practice, on Tuesday they will hold an open session at the Linc, on Friday the Eagles play the Cincinnati Bengals, and the season is just around the corner.
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It was said that the reason quarterback Deshaun was given his first preseason game last week was because it was not played in Cleveland. It was an excellent decision if that’s what prompted the team to make this choice.
Watson received boos in his first Browns home game since 2024, when he tore an Achilles tendon.
Shedeur Sanders, the quarterback of the team that won the match, expressed his disapproval at the words spoken by Deshaun.
Sanders, as per the transcript provided by the team, said: “Yeah. I’m not a fan of that in general.” We’re human, regardless of the competition. We all must understand this. We’re also all human in this room. I would never do anything to a human that I would not want to be done to myself. Even in my daily activities, I strive to ensure that everyone is comfortable. It’s because I understand that sometimes, just by being me can cause people to feel uncomfortable. It’s something I am aware of.
“For the fans who showed up today, thank you for coming. I don’t care what you think about Deshaun or anything else, it is more important to show respect and have a greater purpose. This is a matter of respect that should be addressed, as we are all trying our hardest to serve the team and do the best job possible. We are going to the games and doing our best. “I don’t think I really understand that.”
This is a fair position but may not apply to sports professionals. It’s easier to boo when you are anonymous, but those paying for tickets also feel they have the right to do so.
Watson’s arrival came a year and a half after he was sued by over twenty plaintiffs for misconduct allegedly committed during massage therapy sessions. To get Watson, the Browns had to give up an array of draft choices before he was given a fully guaranteed contract for five years and $230 million. The Browns suspended him for 11 games right away.
It would have worked out if he had performed well and the team won more games. Injury and poor performances exacerbated the problems created by the situation.
Deshaun wasn’t alone in being booed. Browns’ fans should and are upset about everything related to the compensation and acquisition of a player that has not delivered what was promised. This is arguably the worst deal of the salary cap era, or even of all time.

Cleveland (WGR), Ohio – In each team’s 2nd preseason match, the Buffalo Bills beat the Cleveland Browns by 31-7. Bills now have a 2-0 record in exhibition games.
After winning, I have drawn my Arrows up and down.
ARROW UP
Kyle Allen
Allen’s preseason performance has been impressive. He went 10/12 in the first game for 128 yard and scored a touchdown. Allen is now at 24/28 (85.7%) for 236 yard and two touchdowns through preseason.
Shane Buechele to Ja’Mori Maclin
Play of the Game: Quarterback Shane Buechele sent a stunning ball out to Ja’Mori, who caught the ball and ran the remaining 71 yards for the touchdown.
Tyler Bass
Bass was 5-for-5 in his kicks, including a 52-yard field goal.
Trent Sherfield
Sherfield received 54 yards after catching all 4 passes.
Jordan Hancock
Hancock’s ascent continues with a nice performance. Hancock only had one tackle but was very active around the ball and had an important pass breakup in a third-down situation.
Te’Corey Couch
Couch received an interception. In the play, he played safety. His primary role is as a cornerback but he did well to demonstrate his versatility. The game ended with him making two tackles and the pass breaking up.
Damar Hamlin
Hamlin was the leading tackler for the Bills with his five stops. He also had a breakup of a Browns pass in the Bills’ red zone.
Joe Andreessen
Andreessen was the one who intercepted Hamlin’s ball. He was also very active in the second-half, accumulating three tackles.
The offensive line
Bills’ line allowed 138 rushing yards and did a good job in protecting the majority of the game, only allowing one sack out of 23 dropbacks.
Ian Wheeler
Wheeler kept running hard, gaining extra yards even though it appeared he would be stopped. Wheeler finished the game as the leading rusher, with 56 yards from 14 carries. He added another 21 yards through a couple of catches to make a total of 77 yards.
Third Down Defense
Browns only converted 3 of 11 third downs (27.3%).
Rush defense
Bills only allowed 3.1 yards per carry, and totaled 84 yards on the ground.
Red zone offense
Bills scored three touchdowns in a row once they were inside Browns’ 20-yard line.
——————————————————
ARROW DOWN
Lightning delay
Bill Vinovich, the referee, suspended the match at 1:49 after heavy rain began to fall. This was due to the presence of lightning. The game was delayed for one hour and forty minutes.
Jude Bowry
Bowry was beaten for a clean sack by the Bills on their second drive. They went from 2nd and 8, to 3rd and 17
First defensive drive
Bills led 7-0 at the start of the game. Browns drove 65 yards on their first possession in just 11 plays, tying the score.
Mecole Hardman
Hardman dropped two passes on third-down in the first halves. First was slightly contested. Second was not contested and was a clean dropped. They both would have been first downs. The catch-and-run touchdown was a good way to make up for it.
Geno Stone
Stone was too close to the passer when he played.

Torey Lvullo, Diamondbacks’ manager, has been very honest about his feelings throughout this whole ordeal. His love for Ketel Marte didn’t make him feel any less harsh.
Lovullo, a reporter at the time said: “I became very frustrated once I realized what was happening.” “I felt betrayed. That’s another kind of frustration and pain. “But I’m done with that.”
Three-time All-Star, who was AWOL from the game between the Red Sox and the Boston Bruins at Fenway Park Monday left the team in a state of confusion.
After meeting with Lovullo, and Mike Hazen as general manager, the team put Marte onto the 10-day injury list for left knee swelling on Thursday.
Lovullo said Marte had a “personal issue” when the bizarre ordeal started before Marte’s injury was discovered.
Derrick Hall, Team CEO, described Thursday’s situation as “completely mysterious” and “bizarre.”
According to Arizona Sports, John Gambadoro, Marte wasn’t in the clubhouse Friday. He was seen at the Talking Stick Resort Casino for about four hours as his team defeated the Reds by a score of 9-0.
Lovullo did not seem to mind as long as Marte showed up at his spring training center, as he had earlier on Friday.
He’s allowed to do what he pleases. Lovullo said to reporters after the game, “That’s what I think.” Lovullo told reporters after the game: “As soon as he gets up tomorrow and does his job at Salt River Fields, which I’m sure he’ll do, then that’s what matters right now.”
Marte was injected for inflammation of the left knee, according to MLB.com.
It is hoped that the team can get back to work in 10 days.
Lovullo stated, “There are right and wrong ways of doing things.” I think yesterday’s conclusion was that we were better than what was done. Ketel in particular could have done better. “Admittedly, so.”
Arizona is in a desperate situation to make the playoffs with only 34 games left.
Diamondbacks trail Padres by a single game for the last wild card spot in the National League.
Marte, who has a.249 average, 21 home runs, 67 RBIs, and.893 on-base percentage, is an important part of the team’s success.
Lovullo stated, “I would like to be a manager of baseball games.” “I just want to be able to focus on what I enjoy doing, between the lines. I’m not a fan of the drama surrounding this baseball club. “I want us to become a great baseball team. We have to solve this problem.”