Wire reporting: (AP, via ABC News)

Kalshi said Thursday that Donald Trump Jr. is no longer a paid adviser, a move the company tied to his investment firm’s larger stake in rival prediction market Polymarket^1,3,4.

A Kalshi spokesperson told CNBC the arrangement ended by mutual agreement and that both sides viewed keeping him as an adviser while 1789 Capital was a major Polymarket investor as a conflict of interest³. CNBC said conversations about the exit began in August after 1789 Capital announced that stake, and that Reuters first reported the departure³.

AP reporting carried by ABC News and CityNews Toronto said Trump Jr. became a paid strategic adviser to Kalshi shortly after President Donald Trump took office in January 2025 and has been an investor in Polymarket since August 2025^1,4. AP said 1789 Capital increased its Polymarket investment in August as part of a fundraising round, and that that investment started talks about ending the Kalshi role^1,4.

The AP accounts noted the announcement came a week after Democrats won control of the House and Senate in the midterm elections, and that Democrats have said they planned to examine the Trump family’s investments, including ties to both prediction markets^1,2,4. CNBC said Democrats are expected to take a harder line on the prediction-market industry³.

AP said the Commodity Futures Trading Commission has backed industry efforts to expand products nationwide, including sports-related contracts, and that both companies have denied that financial ties involving the Trumps influenced how the industry has been regulated^1,4. CNBC disclosed a commercial relationship with Kalshi that includes customer acquisition and a minority investment³.