Prediction market platform Kalshi has ended its advisory relationship with Donald Trump Jr. after his venture capital firm increased its investment in rival Polymarket, Reuters reported Thursday.

A Kalshi spokesperson told Reuters that talks about ending Trump Jr.’s advisory role began in August, after Trump Jr.’s venture capital firm, 1789 Capital, took the lead on Polymarket’s $1 billion funding round. The round would value the company at $21 billion, with 1789 Capital set to contribute about $300 million.

“We have mutually agreed to end Don’s advisory role after his firm’s significant investment in a competitor this past summer,” the spokesperson said.

Trump Jr. joined Kalshi as a strategic adviser in January 2025 and received an equity stake reportedly worth $300,000 at the time, according to the Financial Times.

Kalshi’s spokesperson said political considerations played no role in the decision. Two people familiar with the matter told Reuters, however, that some within Kalshi had raised concerns about what Democrats’ midterm sweep of both chambers of Congress could mean for the company.

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