Jared Kushner accused CNN of publishing a “deeply misleading” story tying his Middle East diplomacy to Israeli defense investments, pointing to the network’s finding of no indication that his diplomatic actions directly affected them.
The CNN investigation, published Oct. 1, found that Kushner’s investment firm, Affinity Partners, is the largest shareholder in Phoenix Financial, a Tel Aviv-based company with stakes in Israeli military suppliers. Affinity held a 7.4% stake worth more than $1 billion as of July, CNN reported. The network noted that Kushner has called Phoenix Affinity’s “best investment.”
In a post on X, Kushner wrote that Phoenix “is not a defense company.” He described it as one of Israel’s largest publicly traded financial institutions, managing about $220 billion, and compared it to Vanguard or Fidelity.
“I have no role in deciding what Phoenix buys or sells.”
Kushner added that Affinity does not own the defense companies named in CNN’s story and that the Phoenix investment is up more than fivefold since Affinity first bought in.
CNN’s report also says Affinity does not directly hold stakes in the nine companies it identified. The network noted, however, that the firm stands to benefit when Phoenix makes a profit.
Using Israeli financial transparency laws, CNN traced at least $456 million in Phoenix investments across those nine companies, which supply the Israeli military with equipment including drones, warships and demolition machinery. That total includes at least $265.1 million in Elbit Systems, according to the report.
The report examined those holdings alongside Kushner’s role in negotiations to end the war in Gaza.
Kushner wrote that Affinity is an SEC-registered firm and that its Phoenix investment is public. He said it predates both President Donald Trump’s reelection and his own return to public service.
According to CNN, Affinity first invested $128.5 million in Phoenix in 2024 and doubled its stake in 2025, shortly before Trump returned to the White House. The network also reported that some Phoenix holdings in military-linked companies predate Affinity becoming its largest shareholder.
An attorney for Kushner told CNN that he “never participated in or directed Phoenix’s decisions,” had no part in buying, holding or selling shares of the nine companies and never sat on Phoenix’s board. The attorney also rejected any suggestion that Kushner’s diplomacy influenced those investments, or the reverse.
Kushner wrote that misleading stories would not distract him from the work Trump asked him to do: “help end wars, bring people together and pursue peace.”
Kushner said in March that Affinity had made 28 investments. CNN reported that the size of the Phoenix stake relative to Affinity’s other holdings remains unclear.
