Is Jared Kushner’s fortune at stake if he works for Donald Trump? New reports say Kushner will be a Senior White House Advisor to the President-Elect.
Kushner took over the as CEO of the family’s company after his father went to prison. The Kushners’ biggest assets are 666 Fifth Avenue – which Kushner bought for a record-breaking $1.8 billion in 2007, The New York Observer – which he bought in 2006, and an investment in the $2.7 billion health insurance startup Oscar that his brother Josh co-founded.
With Kushner working for the President in a few short weeks, he will likely have to divest from the family company in order to avoid a conflict of interest. Kushner’s lawyers say he plans to sell many of his assets, including his family’s flagship office tower in NYC.
Kushner will also no longer manage his other ventures. He will sell his common stocks, resign as chief executive of his family’s company, sell The New York Observer, and recuse himself from any decisions that affect his or Ivanka Trump’s holdings.
But according to The New York Times, Kushner plans on selling his assets to his brother Joshua and a family trust his mother controls, which would make the divestiture less significant. “It sounds like a shell game to me,” lawyer and former general counsel to Senator Rand Paul’s presidential campaign Matthew T. Sanderson said.
Ivanka Trump, meanwhile, will leave her management roles at the Trump Organization, her clothing line, and her licensing companies. She will get a fixed salary from the Trump Organization instead of receiving money from deals that could create a conflict of interest.
Still, as The Washington Post notes, “Though Kushner’s company is focused primarily on development in New York And New Jersey, it has often relied on foreign investment, and its earnings could be influenced by Trump administration trade and foreign relationship policies.” For example, according to NYT, Kushner has been negotiating with a Chinese firm to redevelop the tower at 666 Fifth Avenue. Kushner could very well advise Trump on China, so this is a clear conflict of interest.
Kushner’s divestiture may not have much of an impact since he’s selling to his family. But it will affect his estimated $300 million net worth in some capacity.
Kushner’s family, meanwhile, has an estimated $1.8 billion collective net worth. The Kushners make most of their money from real estate and property investments.
Do you think Jared Kushner is doing enough to avoid a conflict of interest? Let us know your take in the comments section below!