CLEVELAND — The Cleveland Cavaliers are two years removed from their last winning season. But that hasn't stopped Dan Gilbert from significantly profiting.
On Thursday, the Cavs' chairman took his business, Rocket Companies, public on the New York Stock Exchange. With shares trading at $19.30 at 12:40 p.m. ET on Thursday, Gilbert saw his net worth increase by a whopping $34 billion, according to Forbes.
Factoring his other business ventures -- including the Cavs -- Gilbert's total net worth now measures at $41.1 billion. Per Forbes, that now makes him the 17th richest man in the United States and the second-richest NBA team owner, trailing only Los Angeles Clippers chairman Steve Ballmer ($73.1billion).
In fact, Gilbert isn't just the second-richest NBA owner, but the second-richest team owner in all of sports, surpassing the likes of Dallas Cowboys owner Jerry Jones ($8.7 billion), Brooklyn Nets owner Joseph Tsai ($13 billion) and Carolina Panthers owner David Tepper ($13 billion).
After ranking 17th on Forbes' list of richest sports owners -- and sixth on the list of NBA owners -- with a net worth of $6.5 billion earlier this year, Gilbert now only trails Ballmer on the list of United States-based team owners.
A native of Detroit, Michigan, who founded Quicken Loans as Rock Financial in 1985, Gilbert purchased the Cavs from Gordon Gund for a reported price of $375 million in 2005.
In February, Forbes estimated the franchise's worth to be $1.51 billion, despite the team sustaining two losing seasons following LeBron James' departure as a free agent in 2018.