Mar 27, 2018

Josh Kushner's health care startup is now worth $3.2 billion

Oscar co-founder Joshua Kushner, attending March For Our Lives in Washington, D.C. Photo by John Lamparski/WireImage.

Oscar, the health insurance startup co-founded by Joshua Kushner and Mario Schlosser, has raised $165 million in new venture capital funding. A source puts the post-money valuation at $3.2 billion, which is up from $2.7 billion in early 2016.

Why it matters: Oscar's growth makes it a possible takeover candidate in what has become a very hot M&A market for health care services, even if it continues to be unprofitable.

One possibility is that a rival insurer could make a play, hoping to improve its technology and telemedicine offerings. Another is that a pharmacy or other type of complimentary health care company could seek to add an insurance arm.

  • Deal details: Existing investor Founders Fund led the round, and was joined by 8VC, Verily Life Sciences, Fidelity, General Catalyst, Capital G, Khosla Ventures, and Kushner's Thrive Capital. Founders Fund is known as Peter Thiel's firm, but the Oscar investment has always been led by a different partner, Brian Singerman.
  • Go deeper: Oscar nears $1 billion in revenue, but heavy losses persist.

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Coronavirus updates: California monitors 8,400 potential cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,800 people and infected over 82,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 30 mins ago - Health

Wall Street falls into correction territory as coronavirus rout intensifies

A trader on the floor of the New York Stock Exchange. Photo: Johannes Eisele/AFP via Getty Images

The S&P 500, Dow Jones and Nasdaq all entered correction territory on Thursday, down 10% from their recent record highs amid a global market rout that began earlier this week.

The big picture: Stocks fell 3% for a time on Thursday, extending the market’s worst week since the financial crisis in 2008 following a spike in coronavirus cases around the world, according to CNBC.

Watchdog opens probe into VA secretary over handling of sexual assault claim

VA Secretary Robert Wilkie on Fox Business Network’s "The Evening Edit" on Jan. 7. Photo: Steven Ferdman/Getty Images

The Department of Veterans Affairs Inspector General Michael Missal said Thursday he had opened an investigation into VA Secretary Robert Wilkie after lawmakers demanded an inquiry into his handling of a sexual misconduct report, the Washington Post reports.

Context: Wilkie allegedly "worked to discredit" the credibility of Democratic aide and veteran Andrea Goldstein after she reported last fall "that a man groped and propositioned her in the main lobby of the agency's D.C. Medical Center," a senior VA official told the Post.