Kalshi ends Donald Trump Jr.'s advisory role after 1789 Capital invests in rival Polymarket

Kalshi, a $40 billion prediction-markets startup, has ended its advisory contract with Donald Trump Jr. after his venture-capital firm 1789 Capital increased its investment in rival platform Polymarket, a spokesperson said. The decision, which was mutually agreed upon, follows discussions that began in August when 1789 Capital led Polymarket’s latest funding round.

"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," the spokesperson added, noting that political considerations did not influence the move.

Kalshi appointed Trump Jr. as a "strategic advisor" in January 2025 and granted him equity reportedly worth $300,000 at the time. Sources familiar with the matter said the company had been wary of potential congressional scrutiny after the Democratic sweep of both houses in the midterm elections, which could increase oversight of firms linked to the White House.

The startup has previously sought to attract diverse demographic and political groups, including conservative audiences. A Polymarket spokesperson declined to comment, as did representatives for 1789 Capital and Donald Trump Jr.

Prediction-market platforms have drawn attention from lawmakers this year, with Senator Elizabeth Warren and other Democrats proposing legislation to limit insider trading and betting on sensitive government actions.