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(New York Jewish Week) — Joshua Kushner, youthful brother to Jared Kushner, the advisor to former President Donald Trump, has made it onto Forbes’ annual World’s Billionaires Record.
Josh Kushner is the primary member of the Kushner household land a spot on Forbes’ listing of the richest individuals on the earth. Neither his extra well-known brother nor his father, Charles, a real-estate mogul who went to jail in 2005 for 2 years attributable to tax evasion, unlawful marketing campaign contributions and witness tampering, has ever made the listing.
Josh Kushner has an estimated web value of $2 billion attributable to some early-stage enterprise investments in addition to the sale of a portion of his enterprise capital agency, Thrive Capital.
The grandson of Holocaust survivors, Kushner and his siblings, together with sisters Nicole and Dara, grew up in an Orthodox family in Livingston, New Jersey.
He’s married to supermodel Karlie Kloss, who transformed to Judaism earlier than their wedding ceremony and after his dad and mom reportedly referred to her as “a shiksa.” The couple are the dad and mom of a 1-year-old son, Levi Joseph, whose identify was leaked final yr by a yeshiva in Jerusalem that Josh attended 2003 as a part of a spot yr program.
The Kushner household has donated hundreds of thousands of {dollars} to Jewish organizations in America and Israel over time, together with the Israel Protection Drive, the Shaare Zedek Medical Heart in Jerusalem, a number of West Financial institution settlement organizations, Chabad, the Ramaz College in Manhattan and Kehilath Jeshurun synagogue on the Higher West Aspect. The Joseph Kushner Hebrew Academy in Livingston is called for his grandfather, who launched the household’s actual property empire.
In 2016, Forbes estimated that your complete Kushner household was value round $1.8 billion, with half of the fortune tied up in actual property belongings resembling 666 Fifth Avenue in Midtown and the previous Jehovah’s Witness Watchtower headquarters in Brooklyn Heights.
Jared Kushner was estimated to be value over $320 million then, whereas Josh was estimated to be value roughly $500 million attributable to his stakes in Thrive and Oscar, an Obamacare-based medical health insurance startup.
The Forbes estimate shouldn’t be primarily based on any potential inheritance that Joshua Kushner would possibly obtain sooner or later. As a substitute, it’s primarily based partly on the truth that Goldman Sachs-owned Petershill Companions invested an estimated $120 million in Thrive final Might in trade for an estimated 3% stake. The funding valued the agency at $3.6 billion, the place Josh owns an estimated two-thirds stake value $1.9 billion.
Joshua Kushner was nonetheless a Harvard College scholar when Jared Kushner took over Kushner Firms in 2005 whereas their father was in jail. After he graduated in 2008, he spent a yr on Goldman Sachs’ personal fairness desk and used the cash to spend money on corporations resembling Kickstarter and GroupMe.
He caught the eye of enterprise capitalist Joel Cutler, who satisfied Kushner to begin his personal fund. Cutler and one other agency, Basic Catalyst, seeded Thrive’s preliminary $5 million funding tag in 2010.
“I instructed everybody that in the event that they didn’t give cash to this younger man, they had been out of their minds,” Cutler instructed Forbes in 2017. “And if it didn’t work out, I’d make good on it.”
Josh additionally helped Instagram promote its firm to Fb for $1 billion in 2011. Instagram co-founder Kevin Systrom mentioned the lesser identified Kushner brother earned that deal. “He had invested time in Instagram a yr earlier than he invested any cash,” Systrom instructed Forbes. “His relatability and strategic pondering mattered far more than any agency pedigree.”
As a businessman, Kushner has gained over founders at a number of the decade’s most high-profile startups, together with Robinhood, Spotify, Slack, Twitch, Warby Parker and Kim Kardashian’s shapewear model Skims.
Kushner and Kloss personal a $22 million Miami Seashore mansion that’s near the one owned by his brother Jared and Jared’s spouse, Ivanka Trump. The households are reportedly at odds over their political variations; again in 2016, a rep for Joshua Kushner instructed Esquire that he’s a lifelong Democrat, whereas Kloss posted on Instagram about voting for Hillary Clinton within the 2016 presidential election.
Slack CEO Stewart Butterfield instructed the New York Instances that Kushner didn’t appear to agree with Trump’s views through the 2016 election. “I don’t bear in mind what he mentioned precisely,” Butterfield mentioned. “Nevertheless it was a tactful manner of claiming, ‘These are usually not my positions.’”
In September 2021, Kushner, Kloss and their son moved right into a $43 million penthouse in New York Metropolis’s Puck Constructing, which is owned by the Kushner household and homes Thrive’s headquarters.
Different Jewish billionaires on the Forbes listing embody former New York Metropolis Mayor Michael Bloomberg with a web value of $82 billion, and Fb CEO Mark Zuckerberg, whose web value is estimated at $67.3 billion.
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The put up Forbes cites Joshua Kushner, not his brother Jared, because the Jewish household’s first billionaire appeared first on Jewish Telegraphic Company.
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