Donald Trump Jr. exits Kalshi paid advisory role after firm invests $500 mn in Polymarket

Donald Trump Jr. has been removed from the Prediction platform Kalshi's paid advisory role after the company said that his investment firm, 1789 Capital, increased its investments at Polymarket, Kalshi's chief rival. He remains an adviser to Polymarket. The platform confirmed it in a statement on Thursday, saying that the separation was mutual.

"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," a Kalshi spokesperson said, according to US media reports on Thursday.

Trump Jr. joined Kalshi in January 2025, shortly after President Trump was sworn into office for his second term. His compensation included more than $300,000 in company shares, which have since multiplied in value as Kalshi's valuation climbed. It is not clear from public reports whether he keeps those shares. US media have reported that in August 2026, 1789 Capital invested $300 million in Polymarket, on top of $200 million invested in the firm earlier. Polymarket announced that he had joined the company's advisory board following the "strategic investment".

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Both companies have seen a jump in their user base and popularity in the past two years. They are part of the growing prediction market in which customers can place bets on sporting event outcomes, elections, financial markets, among other areas.

This comes as Democrats have swept the US Congress in the Midterms, winning both the House and the Senate. In late July, the state of New York sued Kalshi, accusing it of running an illegal gambling operation. Both companies have received favourable treatment from the White House. But both have denied that their financial relationships with the Trump family influenced oversight of the industry. The company has argued that its activities are not gambling but something closer to market trading that lets people trade on yes-or-no questions.