Kalshi ended Donald Trump Jr.'s adviser contract Thursday, two days after Senators Elizabeth Warren and Jeff Merkley publicly flagged his financial ties to prediction markets. A company spokesperson gave no reason for the exit.
Trump Jr. received approximately $300,000 in Kalshi shares when the company was valued under $2 billion. Kalshi later raised funds at a $22 billion valuation and held talks near $40 billion. The report does not specify whether he retains the shares.
Warren and Merkley pressed the White House on Nov. 10 over prediction market bets made by a former White House staffer. The Commodity Futures Trading Commission fined ex-teleprompter operator Gabriel Perez $172,000 in August for trading on Trump's speech wording before delivery. Kalshi assisted the probe.
"Donald Trump Jr. has held advisory roles and financial interests connected to prediction-market platforms, raising questions about the need for strong ethics safeguards and confidence in impartial federal oversight," Warren wrote. The senators requested White House answers by Nov. 23.
Trump Jr. remains on the advisory board of Polymarket, Kalshi's main rival. He joined in August 2025 when his firm 1789 Capital invested. The Financial Times reported that Kalshi received a light regulatory touch under Trump appointees. In May 2025, the CFTC dropped its appeal against Kalshi's election contracts.