Donald Trump Jr. has ended his role as a paid strategic adviser for the prediction market company Kalshi, the platform announced on Thursday, November 12, 2026. The company stated the departure was a mutual commercial decision resulting from an investment by 1789 Capital, a firm tied to Trump Jr., in Kalshi’s competitor, Polymarket.
Trump Jr. began serving as an adviser for Kalshi in January 2025, shortly after the second inauguration of President Donald Trump. He has also held a stake as an investor in Polymarket since August 2025. Both companies operate platforms that allow users to trade contracts based on the outcomes of future events.
The conclusion of the advisory role follows a significant investment by 1789 Capital in Polymarket during a capital fundraising round in August 2026. Kalshi spokesperson Dani Lever stated that the firm was grateful for Trump Jr.'s contributions to marketing the platform but noted that the investment in a competitor led to the end of the formal relationship.
During the past two years, both Kalshi and Polymarket have seen increased usage and received favorable regulatory treatment from the Commodity Futures Trading Commission (CFTC), which regulates derivatives markets. The CFTC has allowed the industry to expand financial products, including sports-related trading contracts. Both companies denied that their financial ties to the Trump family influenced regulatory oversight.
The development is particularly relevant to federal lawmakers and members of the Trump family. Following the midterm elections one week ago, Democrats, who won control of the House and Senate, stated they intend to investigate the financial investments of the Trump family. These investigations are expected to focus specifically on business relationships with Kalshi and Polymarket to determine if any conflicts of interest existed during the administration’s regulatory shifts.
For the broader market, this sets a precedent regarding how advisory roles are managed when investment firms tied to those advisers take stakes in direct competitors. A person following these markets would notice this as a formal separation of interests between the two leading platforms. What happens next depends on the timeline of the new congressional session, where the stated intent to investigate these financial ties could lead to hearings or requests for financial records involving 1789 Capital and both prediction platforms.