Kalshi parted ways with Donald Trump Jr. after his venture capital firm, 1789 Capital, led a major funding round for competing prediction platform Polymarket this past summer. The investment created a direct conflict of interest that prompted contract termination discussions beginning in August. A Kalshi spokesperson confirmed the decision was a mutual agreement between both parties. The startup publicly expressed gratitude for Trump's past promotional efforts, which helped market the platform to a broader customer base.
Key points
Kalshi and Donald Trump Jr. reached a mutual agreement to terminate their formal advisory…: Kalshi and Donald Trump Jr. reached a mutual agreement to terminate their formal advisory relationship.
Financial backing of a competing platform by 1789 Capital triggered the corporate split.: Financial backing of a competing platform by 1789 Capital triggered the corporate split.
NEW YORK, Nov 12 : Prediction markets startup Kalshi has ended its advisory contract with Donald Trump Jr, after his venture capital firm 1789 Capital increased its stake in arch-rival Polymarket, according to a Kalshi spokesperson.
"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," the spokesperson said, adding that the decision was mutual and the conversations to end the contract started in August since 1789 led Polymarket's most recent funding round.
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The split follows an August funding round in which Donald Trump Jr.'s firm backed a rival betting platform, sparking discussions over a clear conflict of interest. Kalshi noted the parting was amicable while thanking him for previous promotional support. The strategic shift comes as the rapidly expanding prediction sector prepares for heightened regulatory oversight on Capitol Hill.