Kushner Had a Plan to Shed His Cadre Stake. Then the Pandemic Upended It.
- Request to divest cited possible conflict for Trump adviser
- U.S. ethics office granted tax break before sale was tabled
Jared Kushner gestures during a news conference at the White House in Washington, D.C. on Aug. 13.
Photographer: Oliver Contreras/Sipa/BloombergThis article is for subscribers only.
Jared Kushner’s plan to sell his stake in Cadre, the real-estate company he co-founded, sounded good on many levels. The value of the business had grown, and Kushner was cleared to take advantage of a tax break on the deal. He could also blunt the criticisms of ethics watchdogs who saw a clash between his private interests and his public role as a White House adviser. By late February, Cadre was poised to buy him out.
Then Covid-19 took hold. Company executives started cutting costs as real estate prospects dimmed and fresh investments dried up. The deal was shelved.