Jared Kushner’s investment firm, Affinity Partners, benefited financially from its stake in Phoenix Holdings, which invests in several Israeli defense companies, according to a CNN investigation reported by Ynet. 

Kushner was also serving as an unpaid White House envoy involved in negotiations over the Gaza war and ceasefire.

CNN found no evidence that Kushner’s diplomatic activities directly influenced the investments, but the overlap has raised questions about potential conflicts of interest.

Affinity sold about one-quarter of its Phoenix stake for more than $340 million in July, while remaining Phoenix’s largest shareholder with a 7.4% stake worth more than $1 billion at the time, Ynet News has reported.

Kushner’s attorney said he never directed Phoenix’s investment decisions, while the White House dismissed the conflict-of-interest concerns and said his private business activities were separate from his diplomatic work.