Kalshi has ended Donald Trump Jr.’s advisory contract after his venture capital firm, 1789 Capital, increased its stake in rival prediction-market platform Polymarket, according to Forbes. The company announced the move on November 12, 2026. Source
The rival-platform juggling act wasn’t new. Trump Jr., the president’s son, joined Kalshi as a strategic adviser in January 2025. He joined Polymarket’s advisory board that August, when 1789 Capital made its initial investment, Forbes reported. Source
Forbes said 1789 Capital led a $1 billion Polymarket funding round in August 2026. That figure describes the entire round, not the firm’s individual contribution. Citing CNBC, Forbes reported that the investment prompted conflict-of-interest discussions between Trump Jr. and Kalshi. Source
According to Forbes, Sens. Elizabeth Warren and Jeff Merkley cited Trump Jr.’s overlapping advisory roles and financial interests in a November 10 letter to White House counsel. The senators said those ties raised “questions about the need for strong ethics safeguards and confidence in impartial federal oversight.” Source
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