Thrive Capital boss Josh Kushner quietly bought a small stake in the NBA’s Miami Heat last year, a source familiar with the situation confirmed Friday.
The prominent tech investor, 39, sold the small stake in the Memphis Grizzlies that he acquired in 2019 to clear the way for the deal.
A spokesman for Kushner declined to comment. Representatives for the Heat, Grizzlies and NBA did not immediately return requests for comment.
Puck News, which first reported on the transaction, said Kushner acquired a less than 5% stake in the Heat.
The Heat are currently valued at $4.25 billion, according to Forbes calculations released last fall.
Majority owner Micky Arison bought the franchise for about $70 million in 1995.
Kushner, who is married to supermodel and TV personality Karlie Kloss, is worth an estimated $3.8 billion, according to Forbes.
The couple has a home in Miami.
His brother, Jared, is married to Ivanka Trump and famously served as a top adviser to President Trump during his first term in office.
Thrive is one of the biggest private investors in ChatGPT maker OpenAI, which recently secured a $300 billion valuation.
Led by CEO Sam Altman, OpenAI said earlier this week that it would remain a nonprofit after its plans to become a for-profit entity faced fierce resistance, including from the attorneys general of California and Delaware.
Overall, Thrive recently eclipsed $25 billion in assets under management.
The firm is best known for its early bets on major tech firms such as Spotify, Instagram, Twitch and Stripe.
The firm has also poured money into Kim Kardashian’s Skims shapewear brand and the NFT-focused Bored Ape Yacht Club.
Kushner owns an estimated 66% percent of Thrive, which counts Disney CEO Bob Iger and KKR cofounder Henry Kravis among its backers.
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