Kushner says "Phoenix is not a defense company" and that he has "no role in deciding what Phoenix buys or sells"
Jared KushnerFounder and chief executive of Affinity Partners, posting on his own X account
In an October 2, 2026 post on X, Kushner called CNN's story and headline "deeply misleading", saying CNN's own reporting found no indication his diplomatic work directly affected the investments it reviewed. He wrote that Phoenix is one of Israel's largest publicly traded financial institutions, that he has "no role in deciding what Phoenix buys or sells", that the investment "is public and dates to before President Trump was re-elected and before I returned to public service", and that Affinity does not own the defense companies highlighted in the CNN story.
Responding to
Phoenix is not a defense company, Jared Kushner has no role in deciding what Phoenix buys or sells, and Affinity Partners does not own the defense companies CNN highlighted.
“CNN published a deeply misleading story and headline suggesting that my diplomatic work in the Middle East somehow benefited investments in Israeli defense companies. But CNN’s own reporting says otherwise. Buried behind a paywall, it acknowledges: “CNN found no indication that Kushner’s actions as a diplomat directly affected the investments reviewed.” Phoenix is not a defense company. It is one of Israel’s largest publicly traded financial institutions, highly regulated and managing approximately $220 billion across thousands of investments. Think of Phoenix as the Israeli equivalent of Vanguard or Fidelity. It manages the retirement savings of millions of Israelis. The savers don’t choose the individual investments, and neither do I. I have no role in deciding what Phoenix buys or sells. It has performed very well for Affinity and our investors, up more than five times since our initial investment. Affinity is an SEC-registered investment firm. Our investment in Phoenix is public and dates to before President Trump was re-elected and before I returned to public service. Affinity does not own the defense companies highlighted in CNN’s story. Those facts make for a less provocative headline, but a much more accurate story. Misleading stories will not distract me from the work President Trump asked me to do: help end wars, bring people together and pursue peace. That work is too important.”
Original post
Reporting
Reporting
Where this statement fits
Does Jared Kushner's Affinity Partners conflict with his role in Middle East negotiations, as congressional Democrats and ethics groups say?
Jared Kushner founded the investment firm Affinity Partners in January 2021. Since 2025 he has taken part in U.S. diplomatic talks on Gaza, Iran and Ukraine. Congressional Democrats, the ethics group CREW and other critics say the two roles conflict. They point to the firm's funding from foreign governments, its stakes in Israeli companies and reports that it sought new capital while he negotiated. Kushner, his lawyers, Affinity and the White House dispute that. A CNN investigation published October 1, 2026 reported that Affinity is the largest shareholder in the Israeli insurer Phoenix Financial, which holds stakes in companies that supply Israel's military, and that CNN found no indication his diplomacy directly affected the investments it reviewed. Kushner replied on October 2 that Phoenix is not a defense company and that he has no role in its investment decisions. The White House says he works on a volunteer basis. As of October 4, 2026, we did not find a ruling or finding on the question from a court, agency or committee, and we could not locate a response from Kushner to two letters from Rep. Jamie Raskin.
Source and context
Original post
About this source
Kushner's own reply, posted the day after CNN's report, to CNN's reporting on Affinity's stake in Phoenix Financial. It says Phoenix manages about $220 billion and 'the retirement savings of millions of Israelis,' that he has no role in deciding what Phoenix buys or sells, that the investment is public and dates to before Trump was re-elected and before he 'returned to public service,' and that Affinity does not own the defense companies CNN highlighted. Fox News also quotes the post.
Archived copy (opens in a new tab)Reporting
About this source
Fox News Digital's report on Kushner's October 2 post, with long quotations from it and CNN's reply that it stands by its reporting. It also repeats the statements from Kushner's attorney and a White House spokesperson that CNN published.
Archived copy (opens in a new tab)Reporting
About this source
A CNN investigation that used Israeli financial transparency filings to trace some of Phoenix Financial's holdings, reviewed by two Israeli forensic accountants. It reports that Affinity is Phoenix's largest shareholder, that Phoenix holds stakes in Elbit Systems (at least $265 million) and eight other companies that supply Israel's military, and that Affinity holds none of the nine directly. It says the filings show only a fraction of Phoenix's holdings. The page carries two headlines, 'Jared Kushner's company has large stake in firm with Israeli military links' and the one used here. It includes statements from Kushner's attorney, the White House, a Phoenix spokesperson and CREW. CNN's holdings figures have not been independently checked by DI.
Archived copy (opens in a new tab)Before the quotation
CNN's October 1 report said Affinity is Phoenix's largest shareholder and that Phoenix holds stakes in companies that supply Israel's military, including Elbit Systems. It also said CNN found no indication that Kushner's actions as a diplomat directly affected the investments reviewed.
After the quotation
A CNN spokesperson told Fox News Digital that CNN stands by its reporting. The same CNN report says Kushner told Forbes in September 2025 that he keeps a very active dialogue with Phoenix, and that his attorney said the statement was accurate at the time and that his contact has since been reduced.
How this statement is classified
The label describes this statement's response within the context above.
Why this label?
The reference point is the proposition that Kushner's private business through Affinity, including its Israeli investments and Gulf capital, creates a conflict of interest with his role in U.S. Middle East negotiations. Kushner disputes CNN's description of Phoenix, denies a role in its decisions and argues the investment is public and predates his return to public service, which argues the arrangement is proper, so we used Defended or excused. The closest competing labels are Challenged the characterization, which would fit if he had only disputed the "defense company" label, and Denied, which fits his statements of fact about Phoenix but not his argument that the arrangement is acceptable.
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More from this case
Read the full caseThe White House says Kushner's "personal business activities have nothing to do with his diplomatic engagements"
“Jared Kushner’s personal business activities have nothing to do with his diplomatic engagements, which he conducts on a volunteer basis at the President’s request”Read statement
CREW's chief ethics counsel tells CNN "the people profiting should not be the people making the decisions to make that policy"
Citizens for Responsibility and Ethics in Washington
“There are always people who profit from war or government policies. The difference is that the people profiting should not be the people making the decisions to make that policy. And that is what is happening here”Read statement
Kushner's lawyer says no critic "has identified a single applicable rule or regulation he has violated"
“And to date, no one — not even Jared’s critics — has identified a single applicable rule or regulation he has violated”Read statement
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- Kushner says "Phoenix is not a defense company" and that he has "no role in deciding what Phoenix buys or sells"
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The Dispute Index. "Kushner says "Phoenix is not a defense company" and that he has "no role in deciding what Phoenix buys or sells"". First published: 2026-10-05. Last updated: 2026-10-05. https://disputeindex.com/events/4569-in-an-october-2-2026-post-on-x