Background Story
Dan Gilbert and Mat Ishbia are both prominent figures in the business world.
Dan Gilbert is the founder and CEO of Quicken Loans, one of the largest mortgage lenders in the United States. He is also known for his ownership of the Cleveland Cavaliers basketball team and his involvement in various real estate ventures in his hometown of Detroit.
Mat Ishbia is the CEO of United Wholesale Mortgage, one of the largest wholesale mortgage lenders in the country. He has been influential in bringing innovation to the mortgage industry, including the development of the UWM’s proprietary mortgage origination platform, EASE.
Both Gilbert and Ishbia have made significant contributions to the mortgage industry and have played a role in shaping the business landscape in their respective fields
Mat Ishbia vs Dan Gilbert
The recent acquisition of NBA side Phoenix Suns by Billionaire Mat Ishbia has brought to light a long standing war with fellow billionaire and Cleveland Cavaliers owner Dan Gilbert. What most people however don’t know is that the two have been at each other neck since 2005. Yes, you read that right. Now with the acquisition of Phoenix Suns by Mat, the war is not about to end any time soon.
Mat is not afraid of tussles and recently, the Phoenix Suns owner was in a tussle with Serbian International and one on the best players in the league who players for the Nuggets, Nikola Jokic also known as the Joker during one of the games between the two teams. Anyway, back to Mat Ishbia and the Dan Gilbert Story.
So what is it that really led to this war and why will it not end any time soon?
BACKGROUND STORY
Mathew Randal Ishbia (Mat Ishbia) was born (Jan 6 1980) and raised in Suburban Detroit and attended Mitchigan State University from 1998 to 2002 where he graduated with a with a Bachelor of Science degree in Finance. Ishbia’s father was both an attorney and an entrepreneur, and his mother was a teacher in Pontiac, Michigan. His father established a number of businesses, the largest of which being United Wholesale Mortgage, which was established in 1986 and is now a multi-billion dollar business.
Just like Mat, Billionaire Dan Gilbert was born on January 17, 1962 in Detroit, Michigan. He graduated from Michigan State University in 1984 with a Bachelor’s degree in Business Administration. His father was a bar owner.
Unlike Mat who joined his father’s business United Wholesale Mortgage (UWM) as an employee and went on to be it’s CEO, Dan founded his company Rock Financials in 1985 from money he claims was from Pizza Delivery.
THE MAT ISHBIA VS DAN GILBERT RIVALRY
The war between NBA Billionaire owners Mat Ishbia and Dan Gilbert dates back to 2005 when Dan bought the Cleveland Cavaliers.
While both had been competing in the same mortgage business in the same state for some time, it was this statement by Mat Ishbia about the Cavaliers takeover by Dan that set the stage:
“Gilbert’s takeover of Cavaliers is Bad For Detroit”
Gilbert responded to this claiming that Mat wanted to, ” steal away the Cavaliers from Cleveland”.
OTHER TIMES MAT ISHBIA AND DAN GILBERT HAVE BEEN AT WAR
Mat Ishbia and Dan Gilbert are both alumni of MSU. Ishibia called it “disgusting” when Rocket Mortgage reduced its workforce by 2,000 people. And he also issued an ultimatum to mortgage brokers, saying he would no longer work with brokers who sent loans to Rocket Mortgage.
Another instance is in 2021 Ishbia donated $32 million to the MSU athletic department. A month later, Gilbert announced a five-year deal that made Rocket Mortgage the presenting sponsor of MSU’s basketball team.
Just recently when Mat decided to buy the Phoenix Suns, only the Cleveland Cavaliers did not okay the takeover by abstaining from voting. All the other teams okayed the move.
Well, it looks like NBA Rivalry will be taken to another level.
Mat is active on social media especially twitter so if you are a Suns fan or like Mat or basketball in general make sure you follow him on social media including these other billionaires.
