Trump Jr. exits Kalshi after 1789 Capital boosts Polymarket stake

Donald Trump Jr. is no longer a paid adviser for Kalshi, the prediction market platform announced Thursday. The company framed the departure as a mutual business decision made after 1789 Capital, the investment vehicle associated with Trump Jr., increased its financial backing for Kalshi's primary rival, Polymarket.

Trump Jr. assumed the role of strategic adviser for Kalshi shortly after his father was sworn into his second presidential term in January 2025. His firm began investing in Polymarket in August 2025 as part of that company's latest fundraising round. That specific investment triggered discussions regarding the end of his advisory contract with Kalshi.

The announcement arrives one week after Democratic candidates secured control of both the House and the Senate in the midterm elections. Lawmakers from that party have indicated they plan to investigate the Trump family's financial ties to both prediction market platforms.

Dani Lever, a spokesperson for Kalshi, addressed the separation in a statement. She noted the company and Trump Jr. mutually agreed to end his role following his firm's summer investment in a competitor. Lever added that Kalshi remains grateful for his contributions in marketing the platform to a wider customer base.

Both Kalshi and Polymarket have seen a sharp rise in popularity and user activity over the past two years. During this period, the Commodity Futures Trading Commission supported industry efforts to expand products nationwide, including the authorization for customers to trade sports-related contracts. Both companies have consistently denied that their financial relationships with the Trump family influenced how the industry has been regulated under the current administration.