Wall Street Journal reporter Jay Solomon was offered a 10% stake in fledgling firm by Farhad Azima, an aviation magnate who has ferried weapons for the CIA

The Wall Street Journal on Wednesday fired its highly regarded chief foreign affairs correspondent after evidence emerged of his involvement in prospective commercial deals – including one involving arms sales to foreign governments – with an international businessman who was one of his key sources.

The reporter, Jay Solomon, was offered a 10% stake in a fledgling company, Denx LLC, by Farhad Azima, an Iranian-born aviation magnate who has ferried weapons for the CIA. It was not clear whether Solomon ever received money or formally accepted a stake in the company.

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