Jared Kushner rejected a CNN report alleging that his Middle East diplomacy benefited investments connected to Israel’s military campaign in Gaza, while Bill Ackman defended him as a first-class human being on Oct. 2, 2026. CNN reported that Kushner-founded Affinity Partners was Phoenix Financial’s largest shareholder, holding a 7.4% stake worth more than $1 billion as of July. Phoenix had more than $456 million invested across nine companies supplying equipment to Israel’s military, including Elbit Systems, although Affinity did not directly own those companies. Affinity sold about one-quarter of its Phoenix stake in July for more than $340 million, generating a return of more than five times its initial investment. CNN said it found no indication that Kushner’s diplomatic actions directly affected the investments. Kushner said Phoenix is a regulated Israeli financial institution managing about $220 billion across thousands of investments and that he has no role in deciding its purchases or sales. Rep. Robert Garcia, the House Oversight Committee’s ranking member, called for an investigation, citing Affinity’s fundraising from Saudi Arabia, Qatar and the United Arab Emirates. Kushner’s business interests have drawn scrutiny as he helps lead negotiations involving the Middle East during Trump’s second term.