Kushner’s Thrive Capital Gains $522 Million From Carvana Trade

Thrive Capital, the venture firm founded by Josh Kushner, told investors last week that one of its funds made $522 million on an unusual bet — an investment in publicly traded car marketplace Carvana Co.

The windfall, outlined in a letter to investors reviewed by Bloomberg, underscores Thrive’s expansion beyond traditional startup investing, including public market trading and, recently, a plan to start and buy businesses it thinks can benefit from artificial intelligence. That’s in addition to Thrive’s large bets on private businesses like OpenAI and Stripe Inc.

The Carvana trade more than quadrupled what Thrive invested, the letter said, a win for the ...