Kalshi Severs Relationship With Donald Trump Jr. as Rival Firm Stake Grows
Advisory role ends
Kalshi announced Thursday that Donald Trump Jr., the president’s eldest son, would step down as an adviser. The company said his investment firm had taken a larger stake in its closest competitor.
Trump Jr. joined Kalshi in January 2025. It remains unclear whether he will keep shares awarded as part of his compensation; those holdings are now estimated to be worth millions.
Kalshi expands its offerings
The Commodity Futures Trading Commission, which regulates prediction markets, recently authorized Kalshi to offer a type of trading involving stocks, cryptocurrencies and other assets without owning them. The article says this had not previously been allowed in the United States.
The decisions began in May and led major trading clearinghouses to file highly unusual lawsuits. They allege that the C.F.T.C. violated federal laws intended to protect investors and financial markets.
Trump Jr.’s stated role
Through a spokesman, Trump Jr. has previously said his involvement was limited to helping Kalshi market itself. He said he did not negotiate with the federal government.
Key points
- Kalshi said Donald Trump Jr. will no longer serve as an adviser.
- His investment firm increased its stake in Kalshi’s main competitor.
- It is unclear whether he will keep Kalshi shares estimated to be worth millions.
- The C.F.T.C.’s trading decisions prompted lawsuits from major clearinghouses.