A spokesperson for Kalshi stated that Donald Trump Jr has concluded his advisory role on that predictive market platform, which is a mutual arrangement between the two parties.
The spokesperson added that, given the situation where Trump's eldest son's venture capital company 1789 Capital also holds shares in the competitor platform Polymarket, both Kalshi and Trump Jr believe that allowing the president's son to continue serving as an advisor to Kalshi while also being a significant investor in Polymarket constitutes a conflict of interest.
According to a spokesperson from Kalshi, the predictive market platform Kalshi has terminated its advisory contract with Donald Trump Jr. The reason is that its venture capital company, 1789 Capital, also holds shares in the competitor platform Polymarket.
This spokesperson stated that this is an arrangement made jointly by both parties. After 1789 announced its holding of a significant stake in Polymarket, discussions regarding the withdrawal of Trump Jr began in August. The spokesperson also mentioned that both the platform and Trump Jr agreed that it would be a conflict of interest to continue to have the president's son serve as a consultant while they are significant investors in Polymarket.
His departure comes at a time when the Democratic Party has gained a majority in both the House of Representatives and the Senate. It is expected that the party will strengthen its regulatory efforts against the predictive market industry. Reuters was the first to report on the news of his Trump Jr resignation.
Disclosure:CNBC has a business relationship with Kalshi, which includes customer acquisition cooperation and a small amount of equity investment.
