Breaking down the stocks Josh Kushner (Thrive Capital) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Thrive Capital's 13F filed on August 14, 2025.
Who are Joshua Kushner and Thrive Capital?
Joshua Kushner is the founder and managing partner of Thrive Capital (commonly referred to as Thrive Capital). The fund is known for its highly concentrated public equity portfolio, typically consisting of 3-5 stocks, with the top holdings comprising nearly 100% of assets, and variable cash holdings when high-conviction opportunities are scarce. His investment strategy is a growth-oriented approach across venture and public equities, emphasizing high-conviction bets on exceptional founders and innovative companies that can achieve massive scale and long-term value creation. Kushner focuses on undervalued or high-potential technology-enabled businesses, particularly in software, internet, AI, and healthcare sectors, that can disrupt industries, with strong qualitative factors like visionary leadership, rapid growth potential, network effects, defensible moats, business model innovation, and the resilience to navigate early-stage challenges while compounding capital over decades.
Thrivecap.com
Thrive Capital on X
Josh Kushner on X
Q2 '25 13F filed with SEC
Holdings in Q2 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| OSCR | Oscar Health | 57.6% | $136.01M | |
| CVNA | Carvana | 32.4% | Trimmed (-90%) | $76.41M |
| VMEO | Vimeo | 10.0% | $23.65M | |
| AMPL | Amplitude | 0.0% | Exited | $-872.67K |
Current Investment Strategy
Thrive Capital maintained its trademark ultra-concentrated approach in Q2 2025, holding just two public equity positions—Oscar Health and Vimeo—while exiting digital analytics platform Amplitude after the company showed accelerating enterprise momentum and AI product launches. The firm's remaining positions reflect Joshua Kushner's continued focus on healthcare technology disruption and AI-enabled video infrastructure, backing founder-led companies with significant growth runway despite near-term profitability challenges at Oscar Health and operational headwinds at Vimeo's self-serve business.
New Investments
Thrive Capital did not open any new positions during Q2 2025.
Added, Trimmed, and Exited
Added
Thrive Capital did not initiate any new positions or add to existing holdings during Q2 2025.
Trimmed
Thrive Capital dramatically reduced its position in Carvana (CVNA), slashing the holding by approximately 90% from 2,267,610 shares to just 226,761 shares, reducing the position value from $474.1 million to $76.4 million.
What it means: This aggressive trimming of Carvana—which was previously the portfolio's dominant position—suggests Thrive Capital likely achieved its price target or experienced a significant change in thesis on the used car e-commerce platform. The -83.9% reduction while retaining a small stake indicates profit-taking rather than complete loss of conviction, possibly after a strong run-up in the stock price. This move also dramatically reduces portfolio concentration risk and frees up substantial capital for redeployment, though interestingly, that capital hasn't yet been reallocated to public equities based on this filing.
Exited
Thrive Capital completely liquidated its position in Amplitude (AMPL), exiting 85,640 shares valued at $872,672.
What it means: The full exit from Amplitude, a digital analytics platform, suggests the investment thesis no longer justified maintaining exposure, particularly given Thrive Capital's highly concentrated portfolio strategy that focuses on only their highest-conviction ideas. This was already a relatively small position, and its elimination allows the firm to maintain its characteristically focused approach of 3-5 core holdings, with remaining capital concentrated in Oscar Health and Vimeo alongside the reduced Carvana position.
Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
