Kash Patel, President Donald Trump’s controversial nominee for FBI director, is set to profit significantly from his stake in a China-founded fast fashion giant, Shein, when its parent company, Elite Depot, goes public, according to The Wall Street Journal.
Patel, who previously served as a consultant for Elite Depot—the Cayman Islands-based parent of Shein—earned between $1 million and $5 million in unvested shares during his nine-month tenure last year. These shares are expected to vest throughout 2025, potentially leading to a substantial payout.
Financial disclosures also revealed Patel’s connections to several foreign entities, including the Embassy of Qatar. Furthermore, he reportedly facilitated introductions between Shein executives and individuals within Trump’s inner circle, raising questions about potential conflicts of interest.
Despite the growing scrutiny, Patel will be allowed to retain his Shein shares even if the Senate confirms his nomination as FBI director, with a vote scheduled for Thursday. However, he has agreed to divest from other public companies like Meta and Apple.
Ethics experts have voiced concerns about Patel’s financial ties. Charles Kupperman, a former deputy national security adviser, stressed the importance of divestment, stating, “He should divest all of his interests if he is going to become director of the FBI. This is not a U.S. company and it’s a conflict of interest financially.”
A spokesperson for Patel insisted that he has fully disclosed his income streams and looks forward to his confirmation. “He looks forward to a swift confirmation that will allow him to refocus the bureau on making our country safer for all Americans,” the spokeswoman said.
However, Patel had not divested his Shein shares when he ended his consultancy with Elite Depot in January. The FBI has downplayed potential conflicts, calling the risk “remote,” though Patel’s ethics agreement commits him to avoid participating in any matters that could directly impact the company’s financial interests.
The controversy over Patel’s financial entanglements comes as concerns mount over political bias and conflicts of interest, particularly given his history of pledging to use the FBI’s power against Trump’s perceived opponents.