Josh Kushner, the founder of Thrive Capital, has made headlines with his recent investment in the NBA’s Miami Heat. Last year, he quietly acquired a small stake in the team, confirming his growing influence in the sports world. This move comes after Kushner sold his minority interest in the Memphis Grizzlies, which he had held since 2019, to facilitate the new deal.
While details about the exact size of his stake in the Heat remain under wraps, sources indicate it is less than 5%. The Miami Heat, currently valued at $4.25 billion according to Forbes, have a rich history, with majority owner Micky Arison purchasing the franchise for about $70 million back in 1995.
Kushner, who is married to supermodel Karlie Kloss, has an estimated net worth of $3.8 billion. The couple has made Miami their home, further establishing their ties to the city. Kushner’s brother, Jared, is well-known for his role as a senior advisor to former President Trump and is married to Ivanka Trump.
Thrive Capital, under Kushner’s leadership, has seen significant growth, now managing over $25 billion in assets. The firm is recognized for its early investments in major tech companies such as Spotify, Instagram, and Stripe. Recently, it has also invested in popular brands, including Kim Kardashian’s Skims and the NFT-focused Bored Ape Yacht Club.
Kushner’s decision to invest in the Miami Heat highlights his strategic approach to diversifying his portfolio and expanding his influence beyond the tech industry. As he continues to build his wealth and connections, this latest venture into sports adds another layer to his already impressive profile.