Donald Trump Jr. is no longer a part of Kalshi.
- Kalshi said in a statement that Trump Jr.’s investments led to a severing of ties.
- Trump Jr. never invested in Kalshi, but he did have $300,000 in equity.
- The Democrats taking over after the Midterm could change the prediction market landscape.
The popular prediction market, which is valued at more than $40 billion, said Trump Jr.’s advisory contract ended on Thursday, and Kalshi severed ties because the son of the U.S. President is a partner with a capital firm that recently invested in competitor Polymarket.
“We have mutually agreed to end Don’s advisory role after his firm’s significant investment in a competitor this past summer,” a Kalshi spokesperson said to The Washington Post in a statement. “We are grateful for his contributions in helping us market Kalshi to more customers.”
Heavy investments
The two sides reportedly began discussing a split in August after 1789 Capital reportedly boosted Polymarket with a $300-million investment, adding to the $200 million it has already sent Kalshi’s rival. Kalshi reportedly thought of keeping Trump Jr. in his role, but the most recent investment changed that decision.
Polymarket’s valuation of $21 billion from the summer is expected to increase with more investments, which 1789 Capital has not confirmed. Trump Jr. joined Polymarket as an advisor in August 2025.
Trump Jr. became a strategic advisor for Kalshi in January 2025 but never invested in the company. He did, however, receive $300,000 in Kalshi equity at the time. Kalshi didn’t comment on Trump Jr.’s stake, but the Financial Times reported that his equity has been heavily diluted.
Enjoying Covers content? Add us as a preferred source on your Google account
Changes coming?
His Kalshi contract expired about one week after the 2026 Midterm Elections. The Democrats seized control of Congress, which could lead to sweeping changes for prediction markets.
Kalshi began offering political markets in time for the 2024 Presidential Election, thanks to a court order, and has flourished since, behind an administration that has backed prediction market growth.
Kalshi produced more than $2.5 billion in notional volume during the Nov. 3 election, up from the $1.3 billion from two years earlier.
However, Democrats are reportedly planning to crack down on insider trading, and nearly 20 U.S. states are involved in litigation with prediction market operators over sports event contracts. That issue is expected to eventually be resolved by the Supreme Court.
