Donald Trump Jr is no longer a paid adviser for Kalshi, the prediction market company said Thursday. Kalshi described it as a mutual business decision between the two parties that followed a decision by Trump Jr’s investment firm, 1789 Capital, to increase its investment in Kalshi’s biggest competitor, Polymarket.
Mutual decision announced
“We have mutually agreed to end Don’s advisory role after his firm’s significant investment in a competitor this past summer,” said Dani Lever, a spokesperson for Kalshi. “We are grateful for his contributions in helping us market Kalshi to more customers.”
The announcement comes a week after Democrats secured control of both the House and Senate in the midterm elections. Democrats have said they planned to investigate the Trump family’s investments, including their business relationships with both prediction markets.
Background and investments
The president’s eldest son became a paid “strategic adviser” for Kalshi shortly after President Trump was sworn into office for his second term in January 2025 and has been an investor in Polymarket since August 2025. Both companies have seen their popularity and use jump significantly in the past two years.
Both companies have received favorable treatment from the White House. The Commodity Futures Trading Commission has backed the industry’s efforts to expand their products nationwide, including allowing their customers to trade sports-related contracts.
Denials and next steps
Both companies have adamantly denied that the financial relationship between Polymarket, Kalshi and the Trumps played any role in how the industry has been regulated under this administration.
1789 Capital increased its investment in Polymarket this past August as part of Polymarket’s latest fundraising round, and it was this investment that started the conversation about ending Trump Jr’s advisory role with Kalshi.
