Donald Trump Jr is no longer serving as a paid adviser for Kalshi, the U.S.-based prediction market platform, according to an announcement made on Thursday.
Kalshi described the change as a "mutual business decision" between itself and Trump Jr’s investment firm, 1789 Capital. This came after 1789 Capital significantly increased its stake in Polymarket—Kalshi’s primary competitor—in August 2025 during Polymarket’s latest fundraising round.
The advisory role
Trump Jr became a strategic adviser at Kalshi shortly after President Donald Trump was sworn into office for his second term in January 2025. Since then, he has maintained an investor relationship with Polymarket, beginning in August 2025.
Dani Lever, a spokesperson for Kalshi, stated: "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."
Congressional scrutiny and industry context
The announcement follows a week of political developments when Democrats secured control of both the U.S. House and Senate in the midterm elections. In response, Democratic officials have indicated plans to investigate the Trump family's business relationships with prediction markets such as Polymarket and Kalshi.
Both Kalshi and Polymarket have publicly denied that any financial ties between their operations and the Trumps influenced regulatory decisions made under the current administration. The Commodity Futures Trading Commission (CFTC) has supported broader adoption of these platforms by allowing customers to trade contracts related to sports events—though no official link between those policies and individual investors has been established.
The relationship between political figures and market participants remains a point of public concern. While both companies report growth in user engagement over the past two years, there is currently no independent verification confirming whether the investment actions of 1789 Capital directly impacted business outcomes or regulatory treatment at Kalshi or Polymarket.