Trump Jr. Leaves Advisory Role at Kalshi
Donald Trump Jr. has ended his advisory relationship with prediction market operator Kalshi by mutual agreement. The split came after his fund made a major investment in rival Polymarket.
After Democrats swept the US midterm elections, Donald Trump Jr. severed ties with prediction market operator Kalshi. Kalshi announced that Trump Jr.'s advisory role had ended by mutual agreement and thanked him for his contribution to the company reaching more customers.
Trump Jr. is reported to have acquired a stake in Kalshi in January 2025. According to reports, the 48-year-old paid 300 thousand dollars for the stake. He then joined the advisory board of rival Polymarket, because venture capital fund 1789 Capital had made its first strategic investment in that company. In August, the fund invested 300 million dollars in Polymarket in a 1 billion dollar round, on top of its earlier 200 million dollar investment.
Kalshi's valuation is reported to be about 40 billion dollars. According to reports, the company is now in talks with investors for a new 1 billion dollar round at a 65 billion dollar valuation. If this round is completed, the valuation would have risen 62.5 percent from its previous valuation in October.
The legal picture is complicated. In April, the Third Circuit Court of Appeals sided with Kalshi, ruling that sports event contracts are swaps. In August, the Ninth Circuit ruled the opposite way. Last week, the Ninth Circuit denied Kalshi's request for rehearing. According to gaming lawyer Daniel Wallach, this decision gives Kalshi 90 days to petition the Supreme Court.
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