4 May 29 - June 4, 2025 miaminewtimes.com | browardpalmbeach.com NEW TIMES | MUSIC | CAFE | CULTURE | NIGHT+DAY | NEWS | LETTERS | CONTENTS | MONTH XX–MONTH XX, 2008 miaminewtimes.com MIAMI NEW TIMES | MUSIC | CAFE | FILM | ART | STAGE | NIGHT+DAY | METRO | RIPTIDE | LETTERS | CONTENTS | ▼ MIAMI TYCOONERY MEET NEW MIAMI HEAT MINORITY OWNER JOSHUA KUSHNER. BY RYAN YOUSEFI J ust when it seemed like the Miami Heat season couldn’t deliver any more drama, news broke that the franchise’s ownership group added a polarizing figure, thrust- ing the team back into the news cycle. 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 re- ported that Kushner quietly purchased a mi- nority 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 repu- tation 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 mi- nority 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 fran- chise would set back the Average Joe more money than he’d make in a lifetime. In Kush- ner’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 Busi- ness 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. He Had to Sell His Share in 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 re- vealed 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 lib- eral politicians and causes traditionally asso- ciated with Democrats. [email protected] | RIPTIDE | GET MORE NEWS & COMMENTARY AT MIAMINEWTIMES.COM/NEWS Joshua Kushner (center), pictured at the Miami Grand Prix in 2023, quietly purchased a minority stake in the Miami Heat last year. Photo by Michele Eve Sandberg ▼ DORAL EXPIRATION NOTICE TPS TERMINATION FOR VENEZUELANS HITS HOME IN DORAL. BY B. SCOTT MCLENDON A May 19 U.S. Supreme Court decision to suspend the temporary protected status (TPS) of about 350,000 Venezuelans has stirred anxiety and fear throughout the state. That’s especially true in places like Doral, which has a large percentage of Venezuelan- born residents. Mayor Christi Fraga responded Monday night and issued a statement calling for calm in her community. “The Supreme Court’s decision to uphold the suspension of TPS protections has understand- ably raised concerns, especially here in Doral — home to many Venezuelans,” Fraga wrote in a statement posted on X, the platform formerly known as Twitter. “While immigration is a matter handled at the federal level, I have been in direct contact with our federal representatives to advo- cate for the law-abiding, productive members of our society, who have fled a brutal regime seek- ing safety and the opportunity to rebuild a bet- ter future for their families in the place they now call home.” Fraga, a daughter of Cuban exiles, has a his- tory of supporting President Donald Trump and his immigration policies. She also supported the Trump Organization’s efforts to erect several 20-story high-rise towers and retail buildings in project at the National Doral Resort, a decision that concerned others. The high court’s decision, which followed a request from Trump’s office, pauses a ruling by a federal judge in San Francisco that blocked the Trump administration from terminating the protections. TPS is a system run by the Secretary of Homeland Security that offers a temporary stay in the United States to refugees fleeing their countries for war, environmental disasters, and other “extraordinary and temporary conditions,” according to U.S. Citizenship and Immigration Services (USCIS). Former Presi- dent Joe Biden first granted pro- tections to Vene- zuelans in March 2021 because rampant vio- lence, inflation, gang warfare, soaring crime rates, and shortages of essential goods forced more than 600,000 Venezuelans to the U.S. Monday’s decision effectively means Home- land Security could revoke the protected status for hundreds of thousands of Venezuelans living in the country on September 10, according to USCIS. “We understand the concern and anxiety many are feeling,” Fraga said in her statement. “In this moment, we call for calm and reassur- ance. We now turn to Congress for real, long- term solutions that address this issue more permanently. “This remains a developing situation. My fo- cus and priority continues to be in providing our community with timely, accurate information and access to resources as more details become available.” Editor’s note: Mayor Fraga stopped short of opining on the ordeal in her statement, but she expanded upon her thoughts in a subsequent in- terview with New Times, which you can read on- line by typing https://bit.ly/FragaTPS into your web browser. [email protected] “WE NOW TURN TO CONGRESS FOR REAL, LONG- TERM SOLUTIONS THAT ADDRESS THIS ISSUE MORE PERMANENTLY.”
