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- It was a mutual arrangement to end the advisory role, a Kalshi spokesperson said.
- Both the platform and Trump Jr. agreed it was a conflict of interest to keep the president’s son as an advisor while serving as a top investor for Polymarket, the spokesperson added.
watch nowVIDEO01:04Trump Jr. contract with Kalshi ends after his firm increased stake in rival PolymarketPower Lunch
Prediction market platform Kalshi ended its advisory contract with Donald Trump Jr. in response to his venture capital firm, 1789 Capital, also holding a stake in rival platform Polymarket, according to Kalshi’s spokesperson.
It was a mutual arrangement, the spokesperson said, with conversations on the Trump Jr.’s exit beginning in August after 1789 announced a major stake in Polymarket. Both the platform and Trump Jr. agreed it was a conflict of interest to keep the president’s son as an advisor while serving as a top investor for Polymarket, the spokesperson added.
His departure comes after Democrats secured a majority in the House and Senate. The party is expected to crack down on the prediction market industry. Reuters first reported Trump Jr.’s departure.
Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.
