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Donald Trump Jr. ends Kalshi advisory role after firm invests in Polymarket
Kalshi said the departure was mutual. Polymarket, where Trump Jr. is also an adviser, faces a federal probe into access to its offshore platform.
Donald Trump Jr. has ended his advisory role at US prediction market operator Kalshi after his venture capital firm increased its investment in rival Polymarket. His Kalshi contract ended Thursday, Covers reported.
Kalshi said the departure was mutual and followed 1789 Capital’s investment in a competitor. Trump Jr., the son of President Donald Trump, is a partner at the firm.
“We have mutually agreed to end Don’s advisory role after his firm’s significant investment in a competitor this past summer. We are grateful for his contributions in helping us market Kalshi to more customers.”
Trump Jr. became a Kalshi strategic adviser in January 2025 and received $300,000 in company equity, but did not invest in the company, Covers reported. The outlet said Kalshi did not comment on his stake and cited a Financial Times report that the equity had been heavily diluted.
He joined Polymarket as an adviser in August 2025, according to Covers. Discussions about ending his Kalshi role began in August after 1789 Capital increased its investment in Polymarket, the outlet reported.
The firm led a $1 billion Polymarket funding round in August, investing $300 million on top of an initial $200 million investment, iGaming Business reported.
Polymarket faces a Commodity Futures Trading Commission probe into whether it violated a 2022 enforcement agreement, CDC Gaming Reports reported, citing Reuters. Under that agreement, Polymarket committed to blocking US users from its main offshore platform.
Kalshi recently completed a $1 billion funding round at a $40 billion valuation and is discussing raising another $1 billion at a $65 billion valuation, according to iGaming Business. In May, it raised $1 billion in a round led by Coatue at a $22 billion valuation.
Kalshi and other prediction market operators face legal disputes over sports-event contracts. The U.S. Court of Appeals for the Third Circuit ruled in April that the contracts are swaps under the Commodity Exchange Act, while the Ninth Circuit reached the opposite conclusion in August.
The Ninth Circuit denied Kalshi’s petition for rehearing last week. Gaming attorney Daniel Wallach said the denial opens a 90-day window for Kalshi to seek US Supreme Court review, iGaming Business reported.