Key Takeaways
- • Kalshi has ended its advisory relationship with Donald Trump Jr. after his venture capital firm, 1789 Capital, took the lead on Polymarket's $1 billion funding round, according to Reuters.
- • The Polymarket round values the company at $21 billion, with 1789 Capital set to contribute about $300 million.
- • Trump Jr. joined Kalshi as a strategic adviser in January 2025 and received an equity stake reportedly worth $300,000, per the Financial Times.
- • Kalshi's spokesperson said political considerations played no role, but two people familiar with the matter told Reuters some within Kalshi had raised concerns about the implications of Democrats' midterm sweep of Congress.
Summary
Prediction market platform Kalshi has ended its advisory relationship with Donald Trump Jr., Reuters reported. The decision follows his venture capital firm's increased investment in rival Polymarket.
A Kalshi spokesperson told Reuters that discussions about ending Trump Jr.'s advisory role began in August, after 1789 Capital took the lead on Polymarket's $1 billion funding round. The round would value Polymarket at $21 billion, with 1789 Capital set to contribute about $300 million. The spokesperson said: "We have mutually agreed to end Don's advisory role after his firm's significant investment in a competitor this past summer."
Trump Jr. joined Kalshi as a strategic adviser in January 2025 and received an equity stake reportedly worth $300,000 at the time, according to the Financial Times.
Kalshi's spokesperson said political considerations played no role in the decision. However, two people familiar with the matter told Reuters that some within Kalshi had raised concerns about what Democrats' midterm sweep of both chambers of Congress could mean for the company.
Additional coverage from WTVB characterized the move as stemming from a conflict over the Polymarket investment.
A Kalshi spokesperson told Reuters that discussions about ending Trump Jr.'s advisory role began in August, after 1789 Capital took the lead on Polymarket's $1 billion funding round. The round would value Polymarket at $21 billion, with 1789 Capital set to contribute about $300 million. The spokesperson said: "We have mutually agreed to end Don's advisory role after his firm's significant investment in a competitor this past summer."
Trump Jr. joined Kalshi as a strategic adviser in January 2025 and received an equity stake reportedly worth $300,000 at the time, according to the Financial Times.
Kalshi's spokesperson said political considerations played no role in the decision. However, two people familiar with the matter told Reuters that some within Kalshi had raised concerns about what Democrats' midterm sweep of both chambers of Congress could mean for the company.
Additional coverage from WTVB characterized the move as stemming from a conflict over the Polymarket investment.
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