Kalshi and Donald Trump Jr have mutually agreed to end his paid strategic-adviser role after his venture-capital firm, 1789 Capital, increased its investment in rival prediction-market operator Polymarket. Kalshi said the decision was a business matter and that discussions about ending the arrangement began in August.
Conflict between competing platforms
Trump Jr joined Kalshi as a strategic adviser in January 2025. His firm 1789 Capital has invested in Polymarket and led its latest funding round, creating a direct commercial connection to a competitor. Kalshi thanked Trump Jr for helping market the platform and said the separation was mutually agreed.
The departure comes as prediction markets face greater political and regulatory scrutiny, including questions about conflicts of interest, insider trading and the boundary between federally regulated event contracts and state gambling laws. The change removes a high-profile political adviser from Kalshi's public-facing leadership network but does not alter the company's product or regulatory status.