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On August 23, 41-year-old Josh Kushner (brother of Jared Kushner, son-in-law of former President Trump) saw his net worth surge to an estimated $16.7 billion, more than doubling from $5.2 billion a year ago, primarily due to the growth of his venture capital firm Thrive Capital, which saw its assets under management soar from $23 billion at the end of 2024 to $65 billion. Thrive Capital has historically invested in high-profile companies such as Instagram, Spotify, OpenAI, SpaceX, Databricks, and Anduril. Following SpaceX's IPO, Thrive's stake is reportedly valued at $10 billion, and it holds a 7% stake in AI programming company Cursor, which was acquired by Nvidia for $12.6 billion, valued at $4.2 billion. The firm's latest flagship fund, Thrive X, completed fundraising in March, exceeding $10 billion. In a letter to investors, Kushner revealed that Thrive funds have an average annual return of 33%, compared to approximately 14% for the S&P 500 and about 17% for Nasdaq during the same period. Over the past 12 months, Thrive has generated over $1 billion in liquidity and expects several billion dollars in additional liquidity in the coming quarters, a significant portion of which is anticipated to come from OpenAI's potential IPO next year, which could exceed a valuation of $1 trillion. Beyond business dealings, Kushner partnered with former Disney CEO Bob Iger to acquire the NBA's Los Angeles Lakers for $12.5 billion, setting a record for the sale of a sports team; however, the deal faces uncertainty due to disagreements between Jeanie Buss and her siblings regarding the sale of a 17.8% stake. Kushner also holds approximately $80 million in shares of the Miami Heat, which must be disposed of before the Lakers transaction is completed. Forbes estimates his wealth to be about 17 times that of his brother Jared and about three times that of President Trump. The acquisition of the Lakers could also provide significant tax advantages, allowing for the amortization of up to 90% of the transaction price (including media rights, player contracts, and acquisition premiums) over 15 years, potentially saving about $750 million annually in taxes. Thrive Capital has disclosed holdings of $215 million in Amazon shares and $130 million in Shopify shares, while its oldest investment, health insurance startup Oscar Health, is valued at $200 million. Prior to founding Thrive, Kushner worked for a year in Goldman Sachs' private equity division and started with a $5 million seed fund at the age of 25 in 2010.

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On August 23, Bloomberg reported that South Korean regulators plan to enhance oversight of structured products such as equity-linked securities (ELS) starting next month. They will require brokerages to warn investors when products approach the threshold for principal loss and to reassess product design and sales when risks significantly increase. Despite a historic sell-off in the South Korean stock market, retail investors' risk appetite has not diminished; instead, they are turning to more complex structured products in search of higher returns. ELS offering annual coupon rates of 40% to 50% have attracted significant retail capital, with sales in July reaching a three-year high, particularly for notes linked to Samsung Electronics and SK Hynix. After experiencing a wave of leveraged ETF liquidations and forced sell-offs, South Korean retail investors have not exited the market but have shifted their funds to structured products that seem to offer fixed high yields. However, these high-yield ELS often come with knock-in clauses, meaning that if the underlying stock price falls below a predetermined level, investors may face substantial principal losses. The previous leveraged ETF crisis has already inflicted heavy losses on young investors in South Korea, and the rising popularity of high-yield ELS may be replicating a similar risk structure.