Joshua Kushner purchases minority stake in Heat

Billionaire tech investor Joshua Kushner, the founder and managing partner of Thrive Capital, has purchased a minority stake in the Heat, the team confirmed today (Twitter links via Barry Jackson of The Miami Herald).

Puck News, which first reported the transaction, said Kushner will control less 5% of the Heat. Those shares will not come from majority owner Micky Arison, per the team.

According to Thomas Barrabi of The New York Post, Kushner actually purchased his stake in the Heat last year. He was previously a minority shareholder in the Grizzlies, but he sold that stake to become part-owner of Miami.

As both Jackson and Barrabi observe, Kusher owns a home in Miami with his wife Karlie Kloss. Kushner is the brother of President Trump’s son-in-law Jared Kushner, who served as an adviser to Trump during his first term.