Josh Kushner recently sold his small stake in the Memphis Grizzlies to purchase a similar sized stake in the Miami Heat, a source confirmed to the New York Post.
Kushner, who is the brother of Jared Kushner and brother-in-law of Ivanka Trump, bought the stake in the Grizzlies in 2019. Kushner is the founder of Thrive Capital and worth an estimated $3.8 billion. Overall, Thrive recently eclipsed $25 billion in assets under management. Thrive purchased early stakes in OpenAI, Spotify, Instagram, Twitch and Stripe.
Kushner owns an estimated 66 percent percent of Thrive, which counts Disney CEO Bob Iger and KKR cofounder Henry Kravis among its backers.