Jared Kushner, US President Donald Trump's son-in-law and one of the key mediators in Gaza ceasefire talks, has an indirect financial connection through his private investment firm to a series of companies supplying weapons and equipment to the IDF, according to a CNN investigation published on Thursday and based on Israeli financial documents and Israeli transparency regulations.
According to the investigation, Kushner-owned Affinity Partners is the largest shareholder in Phoenix Financial. Documents reviewed as part of the investigation indicate that Phoenix has investments in nine companies connected to Israeli military activity, including manufacturers of ammunition, drones, vessels, and engineering equipment.
The most significant investment is in Elbit Systems, valued at at least $265 million. Other investments include more than $68 million in NextVision, which manufactures cameras for drones, and at least $40 million in Reshef Technologies, which manufactures electronic fuzes for shells. The list also includes Israel Shipyards, Ashot Ashkelon, Boeing, and Caterpillar.
Kushner does not directly own shares in the nine companies, but Affinity may indirectly benefit from their profits through its investment in Phoenix. According to CNN, the company sold about a quarter of its holdings in July for more than $340 million, generating a return of more than five times the original purchase price of the shares it sold.
Following the sale, Affinity remained Phoenix's largest shareholder, with a 7.4% stake valued at more than $1 billion.
Questions arise over Kushner's conflicts of interest in Gaza ceasefire efforts after CNN report
The investigation raises questions about the intersection between Kushner's diplomatic activity and his private business interests. Kushner is carrying out his work on behalf of the president on a voluntary basis and does not hold an official government position. Alongside the diplomatic negotiations, he has presented a plan for Gaza's reconstruction that includes the development of tourism areas and opportunities for private investment.
CNN stressed, however, that it found no evidence that Kushner's diplomatic activity directly influenced the investments examined in the investigation.
Kushner's lawyer said his client had never been involved in Phoenix's decisions to buy, hold, or sell shares in the companies in question. The White House also rejected allegations of a conflict of interest. White House deputy press secretary Anna Kelly said Kushner's private business interests were unrelated to his diplomatic work, which he carries out voluntarily at the president's request.