Shortly before Trump’s return to office last year, Jared Kushner’s Affinity Partners doubled its investment in Phoenix Financial, a Tel Aviv-based firm that has poured hundreds of millions of dollars into Elbit Systems, Israel’s largest arms manufacturer, as well as at least eight other companies that have seen massive gains as a result of Israel’s ongoing military campaign in Gaza.
Kushner himself has described Phoenix as Affinity’s “best investment,” and his firm remains the financial group’s largest shareholder, with a 7.4 percent stake worth more than $1 billion, CNN reported. Last September, Kushner told Forbes that he maintained a “very active dialogue” with Phoenix leadership, and met with them every few weeks.
Kushner’s financial entanglements are a clear cause for concern when it comes to his role as a volunteer envoy leading peace negotiations in Israel, Iran, and Ukraine, Cynthia Brown, chief ethics counsel for Citizens for Responsibility and Ethics in Washington, told CNN.
Kushner’s attorney told CNN that he had “never participated in or directed Phoenix’s decisions” and had “no involvement in the decision to purchase, hold or sell any of the nine companies.” They insisted that “any suggestion that Jared’s diplomatic work influenced Phoenix’s investments in the companies you identify, or vice versa, is incorrect.”
But that doesn’t mean that Kushner’s involvement through Affinity Partners isn’t a damning conflict of interest. The president’s son-in-law has previously used his gig as special envoy as an opportunity to try to raise funds from foreign governments and individuals in the Middle East.
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