Kalshi ends Donald Trump Jr’s advisory role after 1789 Capital backs Polymarket

A Kalshi spokesperson confirmed the decision to Reuters on Nov. 12. The spokesperson described the breakup as mutual and said talks to unwind the contract began in August, after 1789 Capital led Polymarket's most recent funding round.

A mutual exit, with thanks attached

Kalshi kept its statement polite. It credited Trump Jr. with helping the platform reach a wider audience, then pointed directly at the reason for the exit.

Timeline of loyalties

Trump Jr. joined Kalshi as a paid strategic advisor in January 2025, receiving equity worth roughly $300,000 when the platform was valued at under $2 billion.

His loyalties became more complicated in August 2025 when he joined Polymarket's advisory board at the same time as an initial investment from 1789 Capital.

The arrangement ended after 1789 Capital contributed approximately $300 million to a Polymarket funding round that valued the company at $21 billion.

Two rivals, two valuations

Kalshi's valuation climbed to $22 billion after Trump Jr. joined, and its latest funding talks have reportedly targeted around $40 billion.

Both companies operate in the same category, allowing users to trade contracts tied to real-world event outcomes, competing for traders, liquidity, and attention.

Why the split matters

For Kalshi, the main issue is information exposure. An advisor helping shape marketing strategy learns company plans, targets, and investments. When that advisor's firm leads a funding round for the main competitor, the potential conflict is obvious.

Ending the contract removes that exposure and shows investors that Kalshi takes conflicts seriously as it seeks new capital.

For Polymarket, the change clarifies Trump Jr.'s position, with financial ties now established alongside his advisory role.