Kalshi drops Donald Trump Jr. as an adviser after his venture firm 1789 Capital led a funding round for rival Polymarket

Kalshi, the prediction market valued at $40 billion, has ended its advisory contract with Donald Trump Jr., the president's son, a company spokesperson told Reuters on Thursday. The spokesperson said the two sides "mutually agreed" to end the role.

Kalshi said the talks began in August, after Trump Jr.'s venture capital firm, 1789 Capital, led the latest funding round for Polymarket, its main rival. Kalshi had named him a strategic adviser in January 2025, and the Financial Times reported at the time that his equity stake was worth $300,000. A third person told Reuters Kalshi paid him in equity to help market the platform to conservative audiences.

The company said political considerations played no role. Two sources familiar with the matter told Reuters that some inside Kalshi had worried that keeping the president's son as an adviser could draw scrutiny from Congress after Democrats won both chambers.

Polymarket and 1789 Capital declined to comment, and Trump Jr. did not immediately respond, Reuters said. The split comes as Democrats in Congress push to rein in prediction markets.