Kalshi has ended its advisory contract with Donald Trump Jr. The prediction market said the decision was tied to 1789 Capital's investment in Polymarket, a rival platform. Trump Jr. had been a strategic adviser to Kalshi since January 2025.
A short-lived advisory role
Trump Jr. joined Kalshi at the start of 2025. In the role, he helped the company expand its customer base and strengthen its market presence. His advisory work was part of Kalshi's broader push to raise its profile as it competes in the prediction market space.
The arrangement lasted less than a year. News of the termination comes as 1789 Capital, an investment firm with ties to Trump Jr., put money into Polymarket. That investment created a direct conflict with his advisory position at Kalshi, and the company moved to cut ties.
Why the investment mattered
Kalshi and Polymarket are competitors in the prediction market business. Having an adviser with a financial interest in a rival platform raised concerns about divided loyalties. Kalshi didn't elaborate beyond linking the termination to the Polymarket investment, and it's not clear whether Trump Jr. was asked to resign or whether the decision was mutual.
Neither Kalshi nor Trump Jr. has publicly commented on the specifics. The company's announcement was brief and didn't address what the advisory role involved day to day or what parts of the business Trump Jr. had access to.
The broader prediction market rivalry
Kalshi's move highlights how tangled the relationships can get in the small but growing prediction market industry. Both Kalshi and Polymarket have been vying for users and legitimacy, and high-profile advisers can help with both. Trump Jr.'s name recognition was an asset for Kalshi when he came on board. Now that he's associated with a Polymarket investor, that asset became a liability.
The investment by 1789 Capital in Polymarket hasn't been detailed publicly. It's also unclear whether Trump Jr. holds a formal role at 1789 Capital or how the investment was structured. What's known is that Kalshi saw the move as incompatible with his advisory contract.
What happens next
Kalshi hasn't said whether it plans to replace Trump Jr. or fill the advisory role with someone else. The company also hasn't indicated how the termination might affect its existing customer base or market presence. For now, the split is complete, and the prediction market rivalry continues without Trump Jr. in Kalshi's corner.
Neither Polymarket nor 1789 Capital has responded publicly to the termination. Trump Jr.'s future involvement in the prediction market space, if any, remains an open question.
