Jared Kushner says he spent 10 years ignoring stories about himself, but when CNN posted this one, he was really quick to respond.
CNN reported Thursday that Kushner's private equity firm, Affinity Partners, is the largest shareholder in Phoenix Financial, a Tel Aviv company that invests in firms supplying Israel's military. Affinity invested in Phoenix in July 2024, then doubled its stake shortly before Trump's second term began. This past July it sold a quarter of that stake for more than $340 million, and it still holds 7.4% of the company, worth more than $1 billion.
The next day, Kushner wrote a thread on X calling the story "deeply misleading." His main argument is that CNN's own reporting says it found no indication his actions as a diplomat directly affected the investments, which he noted was "buried behind a paywall." He also said Phoenix "is not a defense company," that Affinity doesn't own the defense firms named, and that "I have no role in deciding what Phoenix buys or sells."
That no-direct-effect finding is real, and it's his best point. But it isn't the whole picture.
Last year Kushner told Forbes he keeps "a very active dialogue" with Phoenix, called it "the JPMorgan of Israel," and called it Affinity's "best investment." In his X thread he said it's up more than five times since the initial investment.
Asked about the contradiction, his lawyer told CNN the Forbes statement was accurate at the time, but that Kushner now interacts with Phoenix management "significantly less frequently" because he's more engaged in diplomacy. That's a roundabout way of confirming he was involved. The White House says his business has "nothing to do" with his diplomacy, which he does on a volunteer basis.
Cynthia Brown of CREW, an ethics watchdog, says the problem is structural: people profit from war and government policy all the time, but "the people profiting should not be the people making the decisions." Kushner is Trump's special envoy on Gaza and has brokered a ceasefire, while Israel keeps launching daily strikes. He's also holding a more than $1 billion stake in an Israeli firm whose investments tie to its military.