Kalshi has ended Donald Trump Jr.’s adviser contract, a company spokesperson told Reuters Thursday. The exit came two days after two US senators publicly flagged his financial ties to prediction markets.
Kalshi, a US-regulated platform where people trade on real-world outcomes, gave no reason. The stake behind the role, however, sits inside a far bigger company now.
Why Senators Were Asking About Trump Jr.
Trump Jr. received about $300,000 in shares when Kalshi was worth under $2 billion. The startup later raised at $22 billion and held talks near $40 billion. Initial reports did not say whether he keeps the shares.
On Nov. 10, Senators Elizabeth Warren and Jeff Merkley pressed the White House over a former staffer’s Kalshi bets.
In August, the Commodity Futures Trading Commission (CFTC), the federal regulator for these markets, fined ex-teleprompter operator Gabriel Perez $172,000. The agency said he traded on Trump’s speech wording before delivery. Kalshi helped the probe.
The senators then turned to the president’s family.
“Donald Trump Jr. has held advisory roles and financial interests connected to prediction-market platforms, raising questions about the need for strong ethics safeguards and confidence in impartial federal oversight,” Senator Warren wrote.
They want White House answers by Nov. 23.
Is Trump Jr. Leaving Prediction Markets Altogether?
No. He still advises Polymarket, Kalshi’s main rival. He joined its advisory board in August 2025, when his firm 1789 Capital invested. BeInCrypto earlier reported he profits from both sides of that rivalry.
His Kalshi role began with praise for the platform’s 2024 election-night call.
“…my family and close friends used the prediction market Kalshi to know we won hours ahead of the fake news media.”
The FT reported a light regulatory touch for Kalshi under Trump appointees. In May 2025, the CFTC dropped its appeal against Kalshi’s election contracts. The agency has since sued states over their gambling laws.
Kalshi’s exit leaves his Polymarket seat in place as the Nov. 23 deadline nears.
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