Monday, February 19, 2024

Crown Prince Question for PEU Jared Kushner

The Wrap

Donald Trump’s son in law Jared Kushner doesn’t want to talk about the $2 billion he received from a fund led by Saudi Arabia’s Crown Prince Mohammed bin Salman in 2021, two years after the latter approved the murder and dismemberment of Washington Post columnist Jamal Khashoggi. 

 When faced with a question about the deal during an interview at the Axios BFD conference in Miami on Tuesday, Kushner asked, “Are we really still doing this?

After leaving the White House Kushner formed Affinity Partners, a private equity underwriter (PEU).  Kushner went from running the country to running the country stealthily, bolstered by $2 billion in Saudi investments.  

The story made me wonder how Jared fared on Cadre, a tech real estate company he co-founded in 2014.  I'd seen where David Rubenstein's family office Declaration Partners had a stake in the firm.  Declaration bought its Cadre stake in January 2018.

NYT reported in March 2020:

President Trump’s son-in-law and adviser Jared Kushner is selling his stake in Cadre, a New York-based real estate start-up that has sought to profit from a special tax break (opportunity zones) included in the package Mr. Trump signed into law in late 2017. 

In selling his stake, Mr. Kushner also took advantage of a special federal program that would allow him to defer paying income taxes on any gain on his investment in Cadre, which he helped found in 2014. 

Any taxes owed could be avoided permanently if Mr. Kushner transfers the new investments he made with the proceeds of the Cadre sale to his heirs, without ever selling them.

In November 2023 Yieldstreet announced it would acquire Cadre.  

Nobody knows how Jared or David Rubenstein made out on Cadre.  Private is private.  It certainly helped that Jared could exit his stake tax free, three years into his "public service." 

The greed and leverage boys forgave the murderous Crown Prince years ago.  That explains Kushner's indignation at the question.  The money is too good to pass up.