Kalshi Ends Donald Trump Jr. Advisory Contract

Trump Jr.'s venture firm 1789 Capital meanwhile increased its stake in rival prediction market Polymarket.

Updated on Nov. 12, 2026 in Investing

Kalshi Ends Donald Trump Jr. Advisory Contract

Live Poll

Do you trust prediction markets to operate fairly without insider conflicts?

Prediction markets startup Kalshi has ended its advisory contract with Donald Trump Jr., the two parties having mutually agreed to end his role. The move follows 1789 Capital, Trump Jr.'s venture capital firm, increasing its stake in Kalshi competitor Polymarket.

Why it matters

The end of the contract came after 1789 Capital led Polymarket's most recent funding round, a significant investment in a direct competitor to Kalshi. The development comes as Senator Elizabeth Warren has vowed to crack down on insider trading on prediction markets, putting scrutiny on high-profile ties within the sector.

Kalshi, a prediction markets startup, is valued at $40 billion, while Trump Jr.'s stake was reported by the Financial Times at $300,000 when he was named a strategic advisor in January 2025. The source does not disclose the stake's current value or the financial terms of the contract's end.

The players

Donald Trump Jr.

The eldest son of President Donald Trump, Trump Jr. is a businessman and investor who has held ties to several financial and technology ventures.

Kalshi

Kalshi is a prediction markets startup that allows users to trade on the outcomes of real-world events and is valued at $40 billion.

Polymarket

Polymarket is a prediction market platform and a direct competitor of Kalshi in the emerging sector.

1789 Capital

1789 Capital is a venture capital firm associated with Donald Trump Jr. that led Polymarket's most recent funding round.

The details

Kalshi and Donald Trump Jr. mutually agreed to end his advisory role, and conversations about ending the contract began in August. Trump Jr. was named a strategic advisor to Kalshi in January 2025 and was given a stake in the company.

January 2025: Trump Jr. is named strategic advisor to Kalshi.
2024: Prediction markets first rise to prominence.
August: Conversations to end the contract begin.
This past summer: 1789 Capital increases its stake in Polymarket.
November 12, 2026: Reuters reports that Kalshi has ended the contract.

Market Dynamics

The ending of Trump Jr.'s Kalshi contract unfolds as Senator Elizabeth Warren has vowed to crack down on insider trading on prediction markets. That pledge places the sector's politically connected investors and advisors under closer regulatory scrutiny at the same time that competing platforms are drawing new capital.

For retail investors, the story highlights how ties between high-profile figures and competing platforms can shift market positioning in the prediction markets sector. Investors weighing exposure to these emerging companies may want to watch for regulatory action on insider trading that could affect how such platforms operate.

The takeaway

Connections between investors, advisors, and competing platforms are drawing regulatory attention in prediction markets. Investors should review the disclosed ties and potential insider-trading rules before committing capital to emerging platforms in this sector.