Josh Kushner's Trades and Holdings in Q3 2025

Breaking down the stocks Josh Kushner (Thrive Capital) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Thrive Capital's 13F filed on November 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.

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Thrive Capital on X
Josh Kushner on X
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Joshua Kushner's Thrive Capital maintained its signature ultra-concentrated public equity approach in Q3 2025, deploying capital across just three core holdings—Oscar Health, Carvana, and Vimeo—while initiating positions in newly public Figma, StubHub, and Brazilian fintech Nu Holdings, reflecting the firm's high-conviction strategy of backing founder-led, technology-enabled businesses with disruptive potential. The portfolio, representing less than $500 million in public market 13F assets versus Thrive's $25 billion in total AUM, underscores Kushner's continued focus on selective bets in software, internet, and healthcare sectors where the firm maintains deep relationships and operational involvement from its venture investments.

New Investments

Figma FIG

Josh Kushner bought $228.03M of Figma in Q3 2025. Figma delivered strong Q3 2025 results with 38% year-over-year revenue growth to a quarterly record of $274.2 million, while beating earnings expectations with $0.10 EPS. The company's decision to raise full-year guidance reflects management confidence in sustained growth momentum powered by its AI-enabled design platform. The market responded positively, with shares appreciating 4.5% on the earnings announcement date.

• Q3 revenue grew 38% year-over-year to a quarterly record of $274.2 million.
• EPS of $0.10 exceeded expectations in Q3 2025.
• Stock price increased 4.5% on November 6 following earnings announcement.

StubHub STUB

Josh Kushner bought $1.16M of StubHub in Q3 2025. StubHub reported $468 million in Q3 2025 revenue, representing 8% year-over-year growth and exceeding analyst expectations, with Gross Merchandise Sales reaching $2.4 billion, up 11% YoY. However, the company posted a $1.33 billion net loss for the quarter, primarily driven by a one-time stock-based compensation expense, causing shares to plunge 23% following the earnings announcement. The lack of forward guidance and management's focus on long-term planning over short-term forecasts amid event scheduling uncertainty further dampened investor sentiment.

• Revenue grew 8% YoY to $468 million, exceeding expectations, while Gross Merchandise Sales surged 11% YoY to $2.4 billion.
• Net loss of $1.33 billion in Q3 2025 primarily attributable to one-time stock-based compensation charges masking operational profitability.
• Stock price declined 23% post-earnings due to larger-than-expected loss and absence of Q4 2025 guidance.

Nu Holdings NU

Josh Kushner bought $4.23K of Nu Holdings in Q3 2025. Nu Holdings delivered a strong Q3 2025 performance, with revenue reaching $4.17 billion and significantly outpacing analyst expectations on both top and bottom-line metrics. The company's expansion across Latin America, coupled with its strategic pivot toward AI-first operations, positions it favorably within the fintech sector, driving a positive market reaction. This momentum reflects the company's ability to scale efficiently while maintaining profitability gains across its diversifying revenue streams.

• Revenue surged 41.8% year-over-year to $4.17 billion, beating consensus estimates of $4.04 billion by 3.36%.
• EPS delivered $0.17 per share, beating consensus by 13.33% versus the $0.15 estimate.
• Stock outperformed the broader market by 200 basis points, up 6.6% over the past month versus the S&P 500's 4.6% gain.

Added, Trimmed, and Exited

Added

Thrive Capital did not add to any existing positions during Q3 2025.
What it means: The firm maintained its disciplined, high-conviction approach by holding steady on existing positions rather than averaging up or down, suggesting Josh Kushner views the current weightings in Oscar Health (OSCR), Carvana (CVNA), and Vimeo (VMEO) as appropriately sized. The focus on deploying capital into entirely new positions like Figma (FIG) rather than existing holdings indicates a deliberate portfolio expansion strategy rather than conviction changes in current investments.

Trimmed

Thrive Capital did not trim any existing positions during Q3 2025.
What it means: Despite Oscar Health (OSCR) declining 11.7% during the quarter and representing the portfolio's largest position at $120M, Kushner held firm without reducing exposure, demonstrating long-term conviction that transcends short-term price volatility. Similarly, even as Vimeo (VMEO) surged 91.8%, the firm resisted taking profits, suggesting belief in continued upside potential. This diamond-hands approach aligns with Thrive's strategy of backing exceptional companies through market cycles rather than engaging in tactical trading.

Exited

Thrive Capital did not fully exit any positions during Q3 2025.
What it means: The absence of exits reinforces the fund's patient capital philosophy and suggests Kushner believes each holding still offers compelling long-term value creation potential despite the portfolio's overall -5.9% return on common positions during the quarter. This unwavering commitment to portfolio companies reflects confidence in their fundamental business trajectories and management teams, even amid challenging market conditions for some holdings.

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.