Josh Kushner, the founder of Thrive Capital, quietly acquired a small stake in the NBA’s Miami Heat last year.
The 39-year-old tech investor sold a small portion of his share in the Memphis Grizzlies, which he had purchased in 2019, to make room for this new investment.
A spokesperson for Kushner chose not to comment, nor did representatives from the Heat, Grizzlies, or the NBA respond to inquiries.
Kushner reportedly bought less than 5% of the Heat, as first reported by Pack News.
According to Forbes, the Heat is valued at approximately $4.25 billion, based on figures from last fall.
Mickey Allison, who is the majority owner, originally acquired the franchise in 1995 for around $70 million.
Kushner, married to supermodel Carly Kloss, has an estimated net worth of $3.8 billion, as reported by Forbes. The couple owns a home in Miami.
His brother Jared is married to Ivanka Trump and gained recognition for his role as a top advisor to former President Trump.
Thrive Capital is a prominent investor in OpenAI, the organization behind ChatGPT, which recently achieved a $300 billion valuation.
OpenAI indicated earlier this week that it would maintain its nonprofit status despite earlier plans to transition into a for-profit entity involving legal matters in California and Delaware.
Thrive, managing around $25 billion in assets, is recognized for its early investments in significant tech firms like Spotify, Instagram, Twitch, and Stripe.
The firm has also invested in Kim Kardashian’s Skims Shapewear and the Bored Ape Yacht Club, focusing on NFTs.
Kushner holds an estimated 66% stake in Thrive and counts notable figures like Disney CEO Bob Iger and KKR co-founder Henry Kravis among his supporters.
