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Prediction market platform Kalshi ended its advisory contract with Donald Trump Jr. in response to his venture capital firm, 1789 Capital, also holding a stake in rival platform Polymarket, according to Kalshi's spokesperson.
It was a mutual arrangement, the spokesperson said, with conversations on the Trump Jr.'s exit beginning in August after 1789 announced a major stake in Polymarket. Both the platform and Trump Jr. agreed it was a conflict of interest to keep the president's son as an advisor while serving as a top investor for Polymarket, the spokesperson added.
His departure comes after Democrats secured a majority in the House and Senate. The party is expected to crack down on the prediction market industry. Reuters first reported Trump Jr.'s departure.
Disclosure: CNBC and Kalshi have a commercial relationship that includes customer acquisition and a minority investment.