Kalshi thanked Trump Jr. for helping attract customers to its platform. “We have mutually agreed to end Don’s advisory role after his firm’s significant investment in a competitor this past summer,” the spokesperson said. Polymarket and Trump Jr. did not immediately respond to Reuters’ requests for comment.
In September, 1789 Capital agreed to contribute about $300 million toward a planned $1 billion Polymarket funding round, which valued the company at $21 billion. The firm had previously invested roughly $200 million, bringing its combined commitments to around $500 million if the new contribution proceeds. Those figures described the planned financing; a final ownership percentage was not publicly documented.
Trump Jr., a partner at 1789 Capital, joined Polymarket’s advisory board in August 2025, after the firm’s initial investment. Kalshi had appointed him strategic adviser in January 2025. At the time, CEO Tarek Mansour said the role would cover market strategy, growth, partnerships and reaching new audiences. The Financial Times reported that Trump Jr. received a stake then worth $300,000; Kalshi’s departure announcement did not say what would happen to it.
The companies also face legal disputes over whether prediction markets fall under federal oversight or state gambling laws. Kalshi argues that event contracts on federally regulated exchanges are within the Commodity Futures Trading Commission’s jurisdiction, while state authorities have challenged products they view as unlicensed gambling. A July 27 Minnesota court injunction blocked enforcement of the state’s new prediction-market statute against CFTC-registered exchanges while lawsuits proceed. Separately, the CFTC has warned that contracts tied to named people’s words or actions carry heightened manipulation risks, and said exchanges must assess each contract and meet requirements for listing products not readily susceptible to manipulation.
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