Mukesh Ambani to buy stake in US businessman Josh Kushner's Thrive Capital: Report
Reliance Industries Ltd (RIL) chairman Mukesh Ambani is joining a group of global billionaires to buy a stake in Thrive Capital, the venture-capital firm founded by Josh Kushner, Bloomberg reported.
Thrive Capital was founded in 2009 by Kushner, the younger brother of former US President Donald Trump’s son-in-law Jared Kushner.
The group consists of global billionaires worth at least $123 billion, said the report.
Mukesh Ambani, Brazil’s Jorge Paulo Lemann and France’s Xavier Niel will join KKR & Co. co-founder Henry Kravis and Walt Disney Co. Chief Executive Officer Robert Iger in investing $175 million to purchase a 3.3% stake in Thrive, the Bloomberg report stated.
“These extraordinary operators have built storied institutions, achieved geographic preeminence, ushered beloved brands to even greater heights, and pioneered entirely new industries,” Thrive said in a statement on Tuesday posted on Medium.
Ambani is the world’s 12th richest person, with an $84.7 billion fortune, according to the Bloomberg Billionaires Index.
The deal values Thrive at $5.3 billion, up from $3.6 billion in 2021, when it sold a stake to a unit of Goldman Sachs Group Inc., according to a spokeswoman for New York-based Thrive, said the report.
Its total assets under management (AUM) reached $15 billion last year, it said.
According to the Bloomberg report, Thrives has invested in firms including Oscar Health Inc., Compass Inc., Affirm Holdings Inc., Opendoor Technologies Inc., Unity Software Inc., Hims & Hers Health Inc. and SKIMS, an underwear company created by Kim Kardashian.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Narendra Modi praises Donald Trump as Hamas agrees to release Israeli hostages
PM Modi to unveil ₹62,000 crore youth-centric initiatives tomorrow; big push for education, jobs
'Will erase from map if terror continues': Army Chief’s stern warning to Pakistan
'Accept by Sunday 6 pm or all hell will break loose': Donald Trump issues ultimatum to Hamas
