NEW YORK (AP) - Donald Trump Jr. has officially concluded his role as a paid adviser for Kalshi, a prediction market company. This decision was announced on Thursday and is described as a mutual agreement between Kalshi and Trump Jr. The decision follows a strategic move by Trump Jr.’s investment firm, 1789 Capital, which has notably increased its stake in Kalshi's primary competitor, Polymarket.
The timing of the announcement coincides with a recent political shift, as Democrats gained control of both the House and Senate in the midterm elections. Following this shift, Democrats have expressed intentions to investigate the investments held by the Trump family, which would likely include their business dealings with both prediction markets, raising questions about potential conflicts of interest.
Dani Lever, a spokesperson for Kalshi, stated, "We have mutually agreed to end Don’s advisory role after his firm’s significant investment in a competitor this past summer." Lever also expressed gratitude for Trump Jr.'s contributions in promoting Kalshi to a broader customer base.
Trump Jr. took on the role of a paid "strategic adviser" for Kalshi shortly after his father, former President Donald Trump, was inaugurated for his second term in January 2025. Moreover, Trump Jr. has been an investor in Polymarket since August 2025. During this period, both Polymarket and Kalshi have experienced a substantial increase in their popularity and utility within the prediction market industry.
Additionally, both companies have reportedly received favorable treatment from the current White House administration. The Commodity Futures Trading Commission (CFTC) has supported the prediction market sector's efforts to broaden their offerings nationwide, including permitting consumers to trade contracts related to sports events.
Despite the intertwined financial relationships between the Trump family and both prediction markets, Kalshi and Polymarket have firmly asserted that these relationships have not influenced regulatory decisions surrounding the industry under the current administration.
In August, 1789 Capital bolstered its investment in Polymarket as part of the company's latest fundraising efforts. This significant investment played a pivotal role in initiating discussions about the conclusion of Trump Jr.’s advisory position with Kalshi.
The developments surrounding Trump Jr.’s exit from Kalshi may reflect the shifting political landscape and the increasing scrutiny facing the Trump family's business activities. As investigations loom in the wake of Democratic victories in the midterm elections, the implications of these financial engagements could merit further examination and public interest.
