Kalshi ends Donald Trump Jr. advisory role after 1789 Capital backs Polymarket
Decision was mutual after 1789 Capital led a $1bn round valuing Polymarket at $21bn with a $300m commitment.
Key Takeaways
- Kalshi and Donald Trump Jr. mutually agreed to end his advisory role after 1789 Capital invested in Polymarket.
- Talks to end the advisory relationship began in August 2026, Reuters reported on 12 November 2026.
- 1789 Capital led a $1 billion funding round for Polymarket that would value the company at $21 billion, with about $300 million from 1789 Capital.
- Donald Trump Jr. joined Kalshi as a strategic adviser in January 2025 and reportedly received an equity stake worth $300,000.
Kalshi ended Donald Trump Jr.'s advisory role by mutual agreement after 1789 Capital increased its investment in rival Polymarket, Reuters reported on 12 November 2026. Kalshi said discussions to end the advisory relationship began in August, following 1789 Capital taking the lead on Polymarket's $1 billion funding round that would value the company at $21 billion and where 1789 Capital was set to contribute about $300 million.
Company statement and timing
A Kalshi spokesperson told Reuters that talks about ending Trump Jr.'s advisory role began in August and that the split was mutual. The spokesperson said political considerations played no role in the decision.
"We have mutually agreed to end Don’s advisory role after his firm’s significant investment in a competitor this past summer," the spokesperson said.
Donald Trump Jr. joined Kalshi as a strategic adviser in January 2025 and received an equity stake reportedly worth $300,000 at the time, according to the Financial Times.
Rival funding and internal concerns
Reuters cited two people familiar with the matter who said some within Kalshi had raised concerns about what Democrats' midterm sweep of both chambers of Congress could mean for the company. 1789 Capital led the Polymarket round valued at $21 billion, with its contribution set at about $300 million.
Polymarket and Kalshi are both players in the prediction market sector; Kalshi's handling of the advisory relationship followed the summer investment by 1789 Capital, and Reuters published the report on 12 November 2026. For industry context see our b2b coverage of Kalshi and the news on Polymarket's funding round.
Frequently Asked Questions
Why did Kalshi end Donald Trump Jr.'s advisory role?
Kalshi ended the advisory role by mutual agreement after 1789 Capital significantly invested in competitor Polymarket. Kalshi said talks to end the role began in August 2026 and the company stated political considerations did not drive the decision.
How large was 1789 Capital's commitment to Polymarket's funding round?
1789 Capital was set to contribute about $300 million to Polymarket's $1 billion funding round. The round would value Polymarket at $21 billion, Reuters reported on 12 November 2026.
When did Donald Trump Jr. join Kalshi and what did he receive?
Donald Trump Jr. joined Kalshi as a strategic adviser in January 2025 and reportedly received an equity stake worth $300,000, according to the Financial Times.
Did Kalshi cite political reasons for ending the advisory role?
Kalshi's spokesperson said political considerations played no role in the decision. Two people speaking to Reuters did say some within Kalshi had raised concerns about the implications of a Democrats' midterm sweep of both chambers of Congress.
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About the author
Tessa Coleman
Betting Markets Correspondent
Tessa Coleman covers betting products and markets — sportsbook launches, odds and trading technology, and the fast-growing prediction-market space from regulated exchanges to event contracts. The stories lead with the product or the ruling, name the operators and platforms precisely, and translate trading jargon into what bettors can actually do. When a book reworks its pricing or a prediction market wins a license fight, Tessa Coleman explains the mechanics and the stakes.
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