Kalshi Cuts Donald Trump Jr as Adviser Citing Conflict with His Polymarket Investment

Kalshi terminated its advisory contract with Donald Trump Jr. on November 12, 2026, citing a conflict of interest stemming from his simultaneous financial ties to rival prediction market platform Polymarket. Trump Jr. had served as a paid strategic adviser to Kalshi since January 2025 and also held equity in the company. His venture capital firm, 1789 Capital, had separately invested in Polymarket and he held an advisory role there as well, giving him a stake in both competing platforms.

The departure follows the midterm elections, in which Democrats gained control of Congress on a platform that included promises to scrutinize the Trump family's business relationships with prediction markets and the broader crypto industry. Democrats had specifically pointed to Trump Jr.'s dual roles at Kalshi and Polymarket as a focus for potential committee investigations. The move appears designed to limit Kalshi's political exposure as it enters a new, more hostile regulatory environment.

The split also comes days after Polymarket announced its own round of layoffs and contractor terminations as competition between the two platforms intensifies. Polymarket disclosed an annualized revenue run rate above 1.8 billion dollars, while Kalshi has grown rapidly enough to rattle Polymarket leadership.