Report: Donald Trump Jr. No Longer Advisor to Kalshi
By Robert Linnehan in Industry
Published:
- According to Reuters, Kalshi has ended its contract with Donald Trump Jr.
- Trump Jr. has served as a strategic advisor to Kalshi since January 2025
- Kalshi reportedly ended the contract after Trump Jr.’s venture capital firm led a funding round for Polymarket
According to a report from Reuters, Kalshi has ended its relationship with Donald Trump Jr. after his venture capital firm led a funding round for rival-company Polymarket.
Trump Jr. has served as a strategic advisor to Kalshi since January 2025, despite also holding a seat on Polymarket’s advisory board. According to Reuters, Kalshi began the process of ending its relationship over the summer with the president’s son after his venture capital firm, 1789 Capital, increased its stake in Polymarket.
“We have mutually agreed to end Don’s advisory role after his firm’s significant investment in a competitor this past summer. We are grateful for his contributions in helping us market Kalshi to more customers,” a Kalshi spokesperson told Reuters, noting the decision was a mutual one.
Prediction Market Controversy
According to a Financial Times report in January 2025, Trump Jr. was given about $300,000 worth of equity in Kalshi after joining the company.
Trump Jr. held positions with Kalshi and Polymarket, the two largest prediction market companies in the world, which raised questions about the ethics of President Donald Trump’s (R) son being so heavily involved in both companies.
Sen. John Curtis (R-UT) called for an investigation into presidential family relationships for business dealings this past September, specifically requesting a probe of Trump Jr.’s “significant financial and advisory ties to prediction market platforms.”
Curtis requested an investigation by the Senate Judiciary Committee into the use of presidential family relationships for private financial benefit, preferential treatment, or access by domestic and foreign interests.
As part of the probe, Curtis requested the judiciary committee subpoena both Trump Jr. and Hunter Biden to testify regarding their past business dealings, relationships with foreign individuals and entities, gifts or other benefits received, and any instances in which their relationship to the President was invoked or understood to provide value.
Curtis specifically requested a probe into Biden’s business with foreign interests, including both China and Ukraine, while his father was in public office.
He also requested an investigation into Trump Jr.’s foreign business figures and acceptance of significant gifts, including a “lavish wedding afterparty, on a private island, provided by Russian oligarch Umar Kremlev, who reportedly traveled to China as part of a delegation accompanying Vladimir Putin shortly before giving the gift.”
He also mentioned Trump Jr.’s ties with prediction market companies.
“These concerns are compounded by Donald Trump Jr.’s active promotion of family-backed cryptocurrency ventures, his continued pursuit of international real estate deals involving direct meetings with foreign heads of state, and his reported investments in defense contracting. This pattern extends to his significant financial and advisory ties to prediction-market platforms that depend on favorable federal regulatory decisions being considered by the Commodity Futures Trading Commission,” he wrote.
President’s Complicated Relationship With Predictions
President Trump has simultaneously backed and criticized the prediction market industry over the past year. This past May, President Trump took to his Truth Social account to back prediction markets, supporting the Commodity Futures Trading Commission’s (CFTC) exclusive authority over the markets and praising Mike Selig’s role as chairman of the CFTC.
His comments of support came about one month after he told he press he was “never much in favor of” prediction markets.
Trump gave his approval to the markets on Truth Social in the midst of a number of state lawsuits – and one state’s ban of certain prediction market contracts – vying for regulatory control over the financial industry.
“It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and that they will thrive. Under my leadership, we are setting ‘rules of the road’ that are the Gold Standard for the States. We cannot have SCUM like Chris Christie, Letitia James, Tim Walz, and JB Pritzker setting the rules! Other Countries are after this new form of Financial Market, and we want to remain at the top. Likewise, even more importantly, where we are currently the Crypto (Bitcoin, etc.) Capital of the World, other Countries are trying diligently to replace us in that capacity, but we won’t let that happen. It is a major industry, an we must protect it. Mike Selig, CFTC Chairman, and respected by all, is doing a great job. Thank you Mike! President DONALD J. TRUMP,” he wrote on his social media account.
Trump’s message came about a month after he criticized the markets to the press amidst several incidents of insider trading concerning government actions. Gannon Ken Van Dyke of North Carolina, a service member in the U.S. army, allegedly used classified nonpublic information to generate more than $404,000 in profits through the purchase of more than 436,000 “yes” shares of the “Maduro Out by January 31, 2026?” contract listed on Polymarket.com.
Trump’s comments were less than positive about the prediction markets.
“Well, you know, the whole world unfortunately has become somewhat of a casino. You look at what’s going on all over the world, in Europe, and every place they’re doing these betting things. I was never much in favor of it, I don’t like it conceptually. It is what it is. I’m not happy with any of that stuff. They have all these different sites, they have predictive market, it’s a crazy world,” he said.
Regulatory Writer and Editor
Robert Linnehan covers all regulatory developments in online gambling and sports betting. He specializes in U.S. sports betting news along with casino regulation news as one of the most trusted sources in the country.
