The key facts
- Donald Trump Jr. is leaving his post as adviser to Kalshi
- Kalshi cites investments by his firm 1789 Capital in competitor Polymarket as the reason
- Bloomberg links the departure to Democrats' plans to investigate the Trump family's business ties
Kalshi adviser steps back amid political shifts
Donald Trump Jr., the eldest son of the US president, is ending his work as an official adviser to prediction market platform Kalshi. The decision was reported by Bloomberg, citing the company. A Kalshi representative said the parties had 'mutually agreed' to end the cooperation after Trump Jr.'s investment firm 1789 Capital made a significant investment over the summer in a competitor — the platform Polymarket. 'We are grateful for his contribution to promoting Kalshi to a larger number of clients,' the company representative added.
Dual ties to the industry and looming investigations
Trump Jr. simultaneously held advisory posts at both Kalshi and its main competitor Polymarket: his firm invested in Polymarket, while he himself received an equity stake for consulting work at Kalshi. Kalshi announced his advisory role shortly before his father's second inauguration and described him as an 'industry enthusiast' advising exclusively on marketing strategy, not on regulatory matters. According to Bloomberg, the departure comes as control of Congress shifts to Democrats, who promise to investigate the Trump family's business ties to the prediction market and cryptocurrency industry. Opposition to prediction markets comes mainly from Democrats, although some Republicans have also voiced concerns; several US states have sued Kalshi and Polymarket, claiming the platforms violate state gambling laws. Kalshi gained prominence after its markets gave Trump high odds of winning the 2024 election, while polls pointed to an even race.
