ABRAnews Open the whole story. Sign in
Business

Prediction market Kalshi drops Trump Jr. as adviser after his firm invests in rival Polymarket

Kalshi calls the split mutual, a week after Democrats won the House and Senate and said they plan to investigate Trump family business ties.

Donald Trump Jr. in Detroit, Michigan, in 2024
Donald Trump Jr. in Detroit, Michigan, in 2024. Photo: Gage Skidmore, CC BY-SA 2.0, Wikimedia Commons
13 news outlets reported this
Liberal7 outletsTrump family ties and Democrats' coming scrutinyCenter3 outletsKalshi's stated reason: investment in rival PolymarketConservative3 outletsKalshi's statement and the Polymarket stake details
ABRAnews EditorialPublished 1 min read
Overview

Prediction market company Kalshi said Thursday that Donald Trump Jr. is no longer a paid adviser. Spokesperson Dani Lever said both sides "mutually agreed" to end the role after his firm's "significant investment in a competitor this past summer." The competitor is Polymarket.

Trump Jr.'s venture capital firm, 1789 Capital, increased its investment in Polymarket in August, and talks about ending the role began that month. The Washington Examiner reports the firm reportedly committed approximately $300 million, and the New York Post says it invested $300 million, citing Reuters. Trump Jr. joined Kalshi as a "strategic adviser" in January 2025 and since August 2025 has invested in Polymarket.

The announcement came a week after Democrats won both and the in the elections. Democrats have said they plan to investigate the Trump family's business ties to prediction markets. According to The Independent, both companies have denied that those ties had any bearing on oversight of the sector, and the Commodity Futures Trading Commission has supported the industry's expansion, including sports-related contracts.

Trump Jr. did not immediately respond to requests for comment, according to MS NOW and the New York Post.

Key figures
  • $300 million1789 Capital's investment in Polymarket, per the New York Post citing ReutersNew York Post
  • approximately $300,000value of Kalshi stake given to Trump Jr., per the Financial Times via the Washington ExaminerWashington Examiner
  • $40 billionvaluation Kalshi is reportedly eyeing, per the New York PostNew York Post

Three sides of the story

7Liberal3Center3Conservative

13 news outlets reported this

Tap a color or swipe sideways to switch sides.

Liberal7 outlets

Trump family ties and Democrats' coming scrutiny

The Guardian ran a shared report saying Kalshi called the exit a mutual business decision and that it comes a week after Democrats took the House and Senate. It adds that both companies have received "favorable treatment" from the White House and have denied that Trump ties shaped regulation. The Independent's report runs along the same lines.

The Daily Beast leads with "Don Jr. Dumped From Lucrative Job Days After Blue Tsunami" and quotes Sen. Jeff Merkley on the need to "rein in this gambling" and Rep. Robert Garcia on taking on "the crime family" in the White House. It cites the Financial Times on a stake of roughly $300,000. MS NOW cites a person familiar with the decision, who says both sides concluded that advising both platforms was a conflict of interest.

It also reports Sen. Elizabeth Warren's letter to the White House about staff betting and the states' fight over regulating the markets.

Center3 outlets

Kalshi's stated reason: investment in rival Polymarket

Per The Hill, Kalshi terminated Donald Trump Jr.'s advisory position once his company, 1789 Capital, had boosted its stake in Polymarket. It quotes spokesperson Dani Lever's statement that the two sides "mutually agreed" to end it. Forbes headlines the news as Trump Jr. leaving over a conflict with Polymarket and says 1789 Capital expanded its financial stake in Kalshi's rival.

Conservative3 outlets

Kalshi's statement and the Polymarket stake details

The Washington Examiner says Trump Jr. left on Thursday after what was "framed as a mutual agreement" and gives the background. It says he joined Kalshi after the 2025 inauguration and later joined Polymarket's advisory board. It cites reports that 1789 Capital led Polymarket's funding round and reportedly committed approximately $300 million.

It also cites the Financial Times on his roughly $300,000 Kalshi stake and says it is unclear whether he keeps it. It adds that Democrats have signaled investigations. The New York Post leads with Kalshi saying it is "cutting ties," cites Reuters on the $300 million and the August talks, and notes Democrats are threatening tougher scrutiny.

It cites Sen. Elizabeth Warren's vow to crack down on insider trading, and reports that Kalshi is reportedly eyeing a $40 billion valuation and Polymarket is reportedly aiming for one above $20 billion.

All sources: 14 articles from 13 outlets

Liberal (7)

Center (4)

Conservative (3)

House of Representatives

The lower chamber of Congress: 435 members elected every two years, with more seats for bigger states. It is the chamber that can impeach officials.

All terms →
Senate

The upper chamber of Congress: 100 senators, two per state, elected for six years. It confirms judges and ministers and approves treaties.

All terms →
Midterm elections

US elections halfway through a president's four-year term. The whole House, a third of the Senate and many governors are elected. In 2026 Election Day was November 3.

All terms →