Kalshi ends Trump Jr's paid advisory role after his firm backed rival Polymarket

Exit follows Democrats’ midterm gains and plans to investigate Trump family investments

Kalshi said Thursday that Donald Trump Jr. is no longer a paid adviser to the prediction market company, describing the separation as a mutual business decision that followed a decision by Trump Jr.’s investment firm, 1789 Capital, to increase its investment in Kalshi’s biggest competitor, Polymarket.

“We have mutually agreed to end Don’s advisory role after his firm’s significant investment in a competitor this past summer,” said Dani Lever, a spokesperson for Kalshi. “We are grateful for his contributions in helping us market Kalshi to more customers.”

The announcement came a week after Democrats won control of both the House and Senate in the midterm elections. Democrats have said they planned to investigate the Trump family’s investments, including its business relationships with both prediction markets.

Trump Jr., the president’s eldest son, became a paid “strategic adviser” for Kalshi shortly after President Trump was sworn into office for his second term in January 2025. He has been an investor in Polymarket since August 2025.

1789 Capital increased its investment in Polymarket in August as part of Polymarket’s latest fundraising round. Kalshi said it was that investment that started the conversation about ending Trump Jr.’s advisory role.

Both companies have seen their popularity and use jump significantly over the past two years, and both have received favorable treatment from the White House, according to the Guardian’s report.

The Commodity Futures Trading Commission has backed the industry’s efforts to expand its products nationwide, including allowing customers to trade sports-related contracts.

Both companies have adamantly denied that the financial relationships among Polymarket, Kalshi and the Trumps played any role in how the industry has been regulated under the administration.