Kushner Firm Holds Indirect Stake in Companies Supplying IDF

Jared Kushner, son-in-law of former US President Donald Trump and a key mediator in Gaza ceasefire negotiations, has an indirect financial connection to companies supplying weapons and equipment to the Israeli military (IDF). This connection is through his private investment firm, Affinity Partners, according to a CNN investigation based on Israeli financial documents and transparency rules.

CNN reported that Affinity Partners is the largest shareholder in The Phoenix Group, an Israeli insurance and finance company. The Phoenix Group has investments in nine companies involved in Israeli military activities, including manufacturers of ammunition, drones, naval vessels, and engineering equipment. Notable investments include at least $265 million in Elbit Systems, over $68 million in Next Vision (which produces drone cameras), and at least $40 million in Reshef Technologies (which makes electronic fuzes for shells). Israel Shipyards, Ashot Ashkelon, Boeing, and Caterpillar are also listed.

While Kushner does not directly own shares in these nine companies, Affinity Partners may indirectly profit from their earnings through its stake in The Phoenix Group. CNN noted that Affinity Partners sold about a quarter of its holdings in July for over $340 million, yielding a return of more than five times the original purchase price. Following the sale, Affinity Partners remained the largest shareholder in The Phoenix Group, holding 7.4% valued at over $1 billion.

The investigation raises questions about the intersection of Kushner's political activities and his private business dealings. Kushner, who works on a voluntary basis and holds no official government position, has also presented a plan for Gaza's reconstruction that includes tourism development and private investment opportunities.

CNN stated it found no evidence that Kushner's diplomatic activities directly influenced these investments. A lawyer for Kushner asserted that his client was never involved in The Phoenix Group's decisions regarding these shares. The White House also rejected claims of a conflict of interest, with Deputy Spokesperson Anna Kli stating that Kushner's private business is unrelated to his voluntary diplomatic work.