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Jared Kushner called CNN’s report on his investment firm’s stake in Phoenix Financial “deeply misleading.” CNN reported that Phoenix held shares worth more than $456 million in at least nine companies supplying equipment to Israel’s military, but said Kushner’s firm, Affinity Partners, did not directly own shares in those suppliers. The reporting documents an indirect investment link and overlapping business and diplomatic roles; it does not establish that Kushner’s diplomacy caused the investments.
What CNN reported about the investment
CNN said Affinity Partners first bought a stake in Phoenix Financial in July 2024 and roughly doubled it in January 2025, days before Donald Trump returned to office. CNN reported that the increase made Affinity Phoenix’s largest shareholder. The details appeared in CNN’s October 1, 2026 transcript.
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After reviewing thousands of financial records, CNN identified at least nine companies among Phoenix’s holdings that supplied military equipment for Israel. CNN valued Phoenix’s shares in those companies at more than $456 million. That figure describes Phoenix’s holdings—not Affinity’s direct investment in the suppliers. CNN explicitly said Affinity did not directly hold stock in the nine firms, though it could benefit if Phoenix profited from those holdings.
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The companies CNN discussed included Elbit Systems, which CNN described as Israel’s largest arms manufacturer, and Israel Shipyards, as well as firms making gearboxes for Israeli tanks and electronic fuses for shells used in Gaza. CNN reported that the nine companies did not comment.
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How the reported connection works
The distinction is between a stake in Phoenix and Phoenix’s own investments. Affinity’s reported interest was in Phoenix Financial, a publicly traded financial institution with investments across many companies. Phoenix, in turn, held shares in the suppliers identified by CNN. This is an indirect financial connection, not evidence that Affinity bought shares in those suppliers or chose which equipment they made.
Kushner described Phoenix as a regulated financial institution managing about $220 billion across thousands of investments, and likened it to Vanguard or Fidelity. That assets-under-management figure and comparison were his statements, reproduced by The Daily Beast; they were not independently verified in the reporting cited here.
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What Kushner said in response
In an October 2 report, The Daily Beast reproduced Kushner’s response on X. He wrote that CNN had published “a deeply misleading story and headline” suggesting his Middle East diplomatic work had benefited investments in Israeli defense companies. He pointed to CNN’s statement that it “found no indication that Kushner’s actions as a diplomat directly affected the investments reviewed.”
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesKushner also said: “I have no role in deciding what Phoenix buys or sells.” He said Phoenix’s savers do not choose the individual investments. These are Kushner’s claims as quoted by The Daily Beast, not independent findings about how Phoenix’s investment decisions were made.
What CNN reported about Kushner’s role at Phoenix
CNN reported that Kushner’s attorney said he was not involved in Phoenix’s investment decisions, was not on its board, and had never held a management role there. CNN also reported that Kushner had described an active dialogue with Phoenix, including meetings every few weeks. His attorney confirmed regular discussions about the company, broader market trends, and strategic opportunities, and told CNN that Kushner had significantly reduced his interaction with Phoenix management as his diplomatic work became more involved.
Those details distinguish formal authority from contact: CNN reported that Kushner did not make Phoenix’s investment decisions while also reporting regular discussions with the company. The reporting does not, by itself, show that those discussions affected Phoenix’s holdings.
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Timeline of the stake and the reported sale
- July 2024: CNN reported that Affinity first bought a stake in Phoenix.
- January 2025: CNN said Affinity roughly doubled its stake, becoming Phoenix’s largest shareholder days before Trump returned to office.
- Diplomatic work: CNN placed the investment alongside Kushner’s later work on Middle East conflicts, including Gaza, but reported no indication that his diplomatic actions directly affected the investments it reviewed.
- July 2026: CNN reported that Affinity sold roughly one quarter of its Phoenix stake for more than $340 million, a return of more than five times its original investment on the portion sold. CNN said Affinity remained Phoenix’s largest shareholder.
The sale and return figures are CNN’s reported figures; the underlying transaction filings were not independently examined for this account.
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CNN reported that Phoenix declined its questions, but a spokesperson said shareholder value came primarily from operating performance rather than investment returns. The White House told CNN that Kushner’s personal business activities had nothing to do with his diplomatic engagements. Those positions do not independently resolve questions about influence or the appearance of a conflict.
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A letter dated April 16, 2026, from House Judiciary Committee Ranking Member Jamie Raskin alleged that Kushner’s private investment work and diplomatic role created conflicts. It requested records about Affinity’s investors and investments and communications with foreign officials, and said the committee intended to investigate. The letter establishes that a lawmaker raised concerns and sought information; it is not an ethics-office finding, adjudication, or proof of improper conduct.
The available reporting therefore supports a limited conclusion: Affinity had an indirect financial connection to Phoenix’s holdings, and Kushner’s business and diplomatic roles overlapped. CNN reported no indication that his diplomatic actions directly affected the investments it reviewed. The sources cited here do not establish that diplomacy caused investment decisions, nor do they settle whether the arrangement amounted to a legal or ethical conflict.
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