CNN: Kushner's Affinity is top shareholder in Phoenix Financial, which backs Israeli arms suppliers
A CNN investigation reports that Phoenix Financial, whose largest shareholder is Jared Kushner's Affinity Partners, has invested at least $456M in nine companies tied to Israel's military. CNN found no sign Kushner's Gaza diplomacy affected the investments; his lawyer and the White House deny any conflict.
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The story, neutrally told
A CNN investigation published on Thursday 1 October 2026 reports that Affinity Partners, the private equity firm owned by Jared Kushner, is the largest shareholder in Tel Aviv-based Phoenix Financial, which invests in companies supplying Israel's military. Anadolu AgencyN “is the largest shareholder in an Israeli financial group that invests in companies supplying Israel's military” Read at Anadolu Agency ↗ The Jerusalem PostRC “Kushner-owned Affinity Partners is the largest shareholder in Phoenix Financial” Read at The Jerusalem Post ↗ According to CNN, as relayed by Anadolu Agency, Phoenix has invested at least $456 million in nine military-linked companies, including $265.1 million in Elbit Systems, Israel's largest arms manufacturer. Anadolu AgencyN “has invested at least $456 million in nine military-linked companies involved in Israel's war machine, including $265.1 million in Elbit Systems” Read at Anadolu Agency ↗ The Jerusalem Post, citing the same investigation, adds that the nine include more than $68 million in NextVision (drone cameras) and at least $40 million in Reshef Technologies (electronic fuzes for shells), alongside Israel Shipyards, Ashot Ashkelon, Boeing and Caterpillar. The Jerusalem PostRC “more than $68 million in NextVision, which manufactures cameras for drones, and at least $40 million in Reshef Technologies”“The list also includes Israel Shipyards, Ashot Ashkelon, Boeing, and Caterpillar.” Read at The Jerusalem Post ↗
Affinity doubled its Phoenix stake in January 2025, shortly before Trump's inauguration, and Kushner later called Phoenix Affinity's "best investment". In July it sold about a quarter of its holding for more than $340 million, over five times the purchase price of those shares, and still holds a 7.4% stake worth more than $1 billion. Anadolu AgencyN “Affinity Partners doubled its stake in Tel Aviv-based Phoenix Financial in January 2025”“Kushner later described Phoenix as Affinity’s “best investment,”” Read at Anadolu Agency ↗ The Jerusalem PostRC “Affinity remained Phoenix's largest shareholder, with a 7.4% stake valued at more than $1 billion” Read at The Jerusalem Post ↗ Kushner does not directly own shares in the nine companies, but Affinity may benefit indirectly through Phoenix, according to the Jerusalem Post's account of the report. The Jerusalem PostRC “Kushner does not directly own shares in the nine companies, but Affinity may indirectly benefit from their profits through its investment in Phoenix.” Read at The Jerusalem Post ↗ Kushner has been a key US negotiator on Gaza without a formal government post, working as a volunteer adviser to President Trump, and as a volunteer envoy is not required to disclose his finances. Anadolu AgencyN “As a volunteer envoy, Kushner is not required to disclose his finances.” Read at Anadolu Agency ↗ The Jerusalem PostRC “does not hold an official government position” Read at The Jerusalem Post ↗
Kushner's attorney told CNN he never directed Phoenix's investment decisions and had no role in its holdings in the nine companies. White House spokeswoman Anna Kelly said his business activities have nothing to do with his diplomatic engagements, which he conducts voluntarily at the president's request. Anadolu AgencyN “he never directed Phoenix's investment decisions and had no role in its holdings in the nine companies” Read at Anadolu Agency ↗ The Jerusalem PostRC “Kushner's private business interests were unrelated to his diplomatic work” Read at The Jerusalem Post ↗ CNN said it found no indication that Kushner's diplomatic actions directly affected the investments it reviewed. Anadolu AgencyN “CNN said it found no indication that Kushner's diplomatic actions directly affected the investments it reviewed.” Read at Anadolu Agency ↗ The Jerusalem PostRC “it found no evidence that Kushner's diplomatic activity directly influenced the investments examined” Read at The Jerusalem Post ↗ The Jerusalem Post notes Kushner has also presented a Gaza reconstruction plan that includes tourism areas and opportunities for private investment. The Jerusalem PostRC “he has presented a plan for Gaza's reconstruction that includes the development of tourism areas and opportunities for private investment” Read at The Jerusalem Post ↗
Every sentence links to the reporting it rests on.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre1 outlet
- Framing
- Anadolu leads with the investment link between Kushner's firm and Israeli military suppliers, then places it within a harsh account of the Gaza war.
- Emphasis
- The $456M total, Kushner's profit, his lack of disclosure duties, and Gaza casualty figures and humanitarian conditions.
- Leaves out or plays down
- Does not list the individual companies beyond Elbit or give the 7.4% stake figure.
- Charged language
- “Israel's war machine”“genocidal war”
- For example
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“nine military-linked companies involved in Israel's war machine” — Anadolu Agency
“The Israeli army launched a genocidal war on Gaza in October 2023” — Anadolu Agency
Right1 outlet
- Framing
- The Jerusalem Post presents it as a report raising questions about Kushner's Gaza role, with detail on the companies and firm denials from his lawyer and the White House.
- Emphasis
- Company breakdown, the indirect nature of Kushner's benefit, the 7.4% stake, the lack of evidence of influence and the White House rejection.
- Leaves out or plays down
- Omits the 'best investment' remark, the $456M total and Gaza war casualty context; does not mention that he is not required to disclose his finances.
- Charged language
- “conflicts of interest”
- For example
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“Questions arise over Kushner's conflicts of interest in Gaza ceasefire efforts after CNN report” — The Jerusalem Post
“The White House also rejected allegations of a conflict of interest.” — The Jerusalem Post
What every side reports
- CNN reported that Kushner's Affinity Partners is the largest shareholder in Phoenix Financial.
- Phoenix has investments in nine companies tied to Israel's military, the largest being Elbit Systems at about $265 million.
- Affinity sold about a quarter of its stake in July for more than $340 million.
- Kushner holds no formal government post and acts as a volunteer envoy.
- CNN found no evidence his diplomacy directly influenced the investments; his lawyer and the White House deny a conflict.
Jared Kushner person
Through his attorney, Kushner says he never directed Phoenix's investment decisions and had no role in its holdings in the nine companies.
“he never directed Phoenix's investment decisions and had no role in its holdings in the nine companies” — Anadolu Agency
Affinity Partners organisation
Affinity, owned solely by Kushner, is the largest Phoenix shareholder; it sold a quarter of its stake in July and retains more than $1 billion.
“still holds a stake worth more than $1 billion” — Anadolu Agency
Phoenix Financial organisation
Phoenix is reported to have put at least $456M into nine firms linked to Israel's military; no Phoenix comment is reported.
“Phoenix Financial has invested at least $456 million in nine military-linked companies” — Anadolu Agency
Middle East1 outlet
Anadolu casts the story against Gaza's death toll and humanitarian conditions.
“killing more than 74,000 people, injuring over 175,000” — Anadolu Agency
Anadolu Agency
Israel1 outlet
The Jerusalem Post focuses on the companies and the diplomatic-role question, without Gaza casualty context.
“The investigation raises questions about the intersection between Kushner's diplomatic activity and his private business interests.” — The Jerusalem Post
The Jerusalem Post
Left0 articles
No coverage yet.
Centre1 article
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Trump son-in-law’s firm top shareholder in Israeli group invested in military suppliers: Report
Critical Relays CNN's findings and its caveats, with added commentary on the Gaza war's toll and the ceasefire's limits.
Right1 article
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Jared Kushner Gaza role draws scrutiny over investments tied to Israeli defense firms - report
Neutral Reports the CNN investigation in detail, framing it as raising conflict-of-interest questions while stressing no evidence of influence and the denials.
- 1 Oct 19:03 First Anadolu AgencyN Trump son-in-law’s firm top shareholder in Israeli group invested in military suppliers: Report
- 1 Oct 22:28 +3h 25m The Jerusalem PostRC Jared Kushner Gaza role draws scrutiny over investments tied to Israeli defense firms - report
Times are when each article was published, or when we first saw it if the outlet gave no time.