Kalshi has ended Donald Trump Jr’s paid advisory role, saying the decision was mutual and followed his investment firm’s increased stake in rival prediction market Polymarket. A Kalshi spokesperson told CNBC that both sides saw a conflict of interest in Trump Jr advising Kalshi while also serving as a top investor in Polymarket.

The company announced the change on Thursday, November 12. Kalshi said the discussions began in August, after 1789 Capital announced a major stake in Polymarket. The firm increased its investment as part of Polymarket’s latest fundraising round; the amount has not been disclosed. Kalshi said Trump Jr had helped it market the platform to more customers.

Roles at both prediction markets

Kalshi named Trump Jr a paid strategic adviser in January 2025, shortly after his father began his second term as US president. Trump Jr has been an investor in Polymarket since August 2025 and, according to CNBC, remains an adviser to the company.

The investment by 1789 Capital and Trump Jr’s own ties to Polymarket are distinct. Kalshi’s spokesperson described the firm’s investment as the trigger for talks about ending the advisory role, while the company’s explanation also pointed to the conflict posed by Trump Jr’s involvement with its competitor.

Political and regulatory scrutiny

The announcement comes after Democrats secured majorities in both the House and Senate in the midterm elections. Democrats have said they plan to investigate the Trump family’s investments, including its business relationships with Kalshi and Polymarket.

The two companies operate amid a wider debate over prediction markets. The Commodity Futures Trading Commission has backed efforts to expand the industry’s products nationwide, including sports-related contracts. Both Kalshi and Polymarket have denied that their financial relationships with the Trump family influenced how the industry was regulated under the Trump administration. The Guardian reported that both companies had received favourable treatment from the White House.

Kalshi CEO Tarek Mansour said in early October that Trump Jr’s connection to the company created an optics issue, but that Kalshi had never relied on the relationship to gain favour with the government. Joseph Konizeski, a former trial attorney at the CFTC, previously told CNBC that Trump Jr’s industry ties could make prediction markets an easy target for lawmakers.