Kushner Firm's Israeli Defence Stake Raises Conflict Concerns

A CNN investigation has revealed that Jared Kushner's investment firm, Affinity Partners, holds the largest stake in Phoenix Financial, an Israeli conglomerate with extensive holdings in the country's defence sector. Phoenix has invested at least $456 million in nine companies linked to Israel's military, including $265.1 million in Elbit Systems, the nation's largest arms manufacturer.

Kushner doubled Affinity's stake in Phoenix in January 2025, days before Donald Trump's inauguration, later calling it the firm's "best investment." Since mid-2025, Kushner has served as a key US envoy negotiating Middle East policy, including the war in Gaza, while maintaining his private financial interests.

“Phoenix is the "best investment" of Affinity.”

Because Kushner serves as a voluntary envoy rather than a formal government official, he is not required to disclose his finances, allowing him to avoid deeper ethics scrutiny. The nine defence-linked companies saw their share values rise over the past year, with several citing increased demand driven by the war in Gaza.

Affinity Partners does not directly own shares in the nine military contractors but profits when Phoenix generates returns. Gulf states including Saudi Arabia, the UAE, and Qatar are invested in Affinity, meaning they hold indirect stakes in Israeli arms production through this chain.