Donald Trump Jr. Parts Ways with Kalshi Following 1789 Capital's Polymarket Stake: Reuters
Prediction market platform confirms mutual separation after advisory board member's venture firm backed competitor Polymarket, stating politics played no part in the split.
The prediction market operator Kalshi has terminated its strategic advisory arrangement with Donald Trump Jr. following a substantial investment by his venture capital company in competing platform Polymarket, according to a Thursday report from Reuters.
According to Reuters, a company spokesperson from Kalshi stated that discussions regarding the termination of Trump Jr.'s advisory position commenced in August, coinciding with 1789 Capital, Trump Jr.'s venture capital enterprise, spearheading a $1 billion financing round for Polymarket. This fundraising effort is expected to establish Polymarket's valuation at $21 billion, with 1789 Capital planning to invest approximately $300 million in the deal.
"We have mutually agreed to end Don's advisory role after his firm's significant investment in a competitor this past summer," the spokesperson said.
In January 2025, Trump Jr. assumed his position as a strategic adviser at Kalshi and was granted an equity stake that the Financial Times reported was valued at approximately $300,000 during that period.
According to Kalshi's spokesperson, the termination decision was not influenced by political factors. However, Reuters reported that two sources with knowledge of the situation indicated that certain individuals at Kalshi had expressed apprehension regarding the potential implications for the company following Democrats' comprehensive midterm election victories in both the House and Senate.