The Heat have a new minority owner with a recognizable last name — billionaire tech investor Joshua Kushner, younger brother of Jared Kushner, a former senior advisor to President Donald Trump, and husband of Ivanka Trump. Last week, the media reported that Kushner quietly purchased a minority stake, believed to be less than five percent, in the Miami Heat last year.
Micky Arison has owned the Heat since 1995, when he purchased the franchise from its original group. Under his leadership, the Heat have won three NBA championships — in 2006, 2012, and 2013 — and earned a reputation as one of the most well-run first-class organizations in sports.
That said, one might understand why some fans are wary of change, even to the minority ownership group. The fans asked for changes, but not like this!
So, who is Joshua Kushner? We did some homework so you don't have to. Meet the newest (minority) owner of the Miami Heat.
He's Rich, Rich
Regular people do not purchase one percent of an NBA team. Even a tiny fraction of a franchise would set back the Average Joe more money than he'd make in a lifetime. In Kushner's case, much of his estimated $3.8 billion fortune comes from founding Thrive Capital, a venture capital firm that has invested in companies like Instagram, Spotify, Stripe, and OpenAI.Being the son of real estate tycoon Charles Kushner didn't hurt his efforts to become wealthy and successful. Still, Harvard Business School and investing in some of the most successful applications ever invented, such as OpenAI, didn't hurt, either.
His Wife is an 'Angel'
Joshua Kushner is married to Karlie Kloss, who is famous in her own right. Kloss is best known as a former Victoria's Secret Angel and one of the highest-paid supermodels in the industry. If you didn't know her name, you've likely at least seen her on the cover of a magazine at the Publix checkout. She's also starred in numerous television shows, such as Project Runway.Kloss also founded Kode With Klossy, a non-profit organization that provides free coding education and opportunities for young women.
He Lives on 'Miami's Richest Road'
Some Miami sports owners — see, Dolphins owner Stephen Ross — don't even bother to live in South Florida. But Joshua Kushner is not one of those owners. He has a home in Miami, and it's ridiculously nice.In December 2020, Kushner and Kloss purchased a 14,000-square-foot home on Miami's exclusive North Bay Road for $23.5 million, a big purchase then but only a fraction of its current value. Deemed 'Miami's Richest Road,' according to the Wall Street Journal, North Bay Road has seen $1.19 billion in sales since 2020, with 24 deals topping $20 million.
You Might Get Healthcare From Him
If you're like most people, you find yourself once a year scrolling through Healthcare.gov in search of a new health insurance plan. In doing so, you may have noticed a new insurance on the block, Oscar Health — a start-up co-founded and vice-chaired by Kushner.The NBA Forced Him to Sell Shares of the Memphis Grizzlies to Buy Miami's
NBA rules required Kushner to sell the small stake he acquired in the Memphis Grizzlies in 2019 before he could complete his purchase of shares in the Miami Heat. That rule prohibits the wealthy from treating ownership in NBA teams as if it's the stock market and ensures no funny business due to conflicts of interest.Besides Kushner's ties to South Florida and the Heat being a more attractive team to own, the decision also seems to be related to the simple fact that Miami offered a larger piece of the pie.
The Elephant in the Room
That rule prohibits the wealthy from treating ownership in NBA teams as if it's the stock market and ensures no funny business due to conflicts of interest. One might assume that being Ivanka Trump's brother-in-law would make Joshua a huge MAGA fan, but they would be wrong. Kushner and his wife revealed in the past that they didn't vote for Donald Trump in the 2016 election, which makes sense considering even his brother, Jared, has a history of publicly supporting liberal politicians and causes traditionally associated with Democrats.
