Kalshi now has some extra political clout as Donald Trump Jr. revealed on the social media platform X that he is joining the prediction-based market company as a strategic advisor. The announcement came Monday, exactly one week before the inauguration of Trump Jr.’s father as President.
Coming off an election season that saw companies like Kalshi thrive with their presidential election markets, the company is building off that by adding a recognizable figure, and son of president-elect Donald Trump.
Trump Jr. touts Kalshi’s election market success
Trump Jr. announced the pairing with Kalshi on social media Monday morning. He touted the company’s ability to accurately represent the recent presidential election.
On Election night at Mar-a-Lago, while biased outlets called the race a coin toss, my family and close friends used the prediction market @Kalshi to know we won hours ahead of the fake news media.
I immediately knew I had to contribute to their mission. Today, I am proud to…
— Donald Trump Jr. (@DonaldJTrumpJr) January 13, 2025
Kalshi co-founder and CEO Tarek Mansour added his thoughts on the news via X.
I couldn’t be more excited to welcome @DonaldJTrumpJr to Kalshi.
Prediction markets have the potential to be the largest financial market and a powerful source of truth.
I can’t think of anyone better to help drive this mission.
Let’s build 🇺🇸 https://t.co/AU90K8bGn2
— Tarek Mansour (@mansourtarek_) January 13, 2025
Trump Jr. has been active since the election, creating partnerships with a variety of companies. That includes becoming part of the advisory board for Unusual Machines, a drone-making company. He also was added to the board of directors for PublicSquare in December, an e-commerce company.
Kalshi still riding wave following November elections
Kalshi made a lot of news leading up to this year’s election. It, along with fellow predictions market company PredictIt, dealt with a legal battle against the Commodity Futures Trading Commission over their ability to offer political predictions markets in the US.
After initially being banned by the CFTC from offering markets on “Congressional Control Contracts,” a federal appeals court lifted the ban. That legal battle is definitely not finished, as the decision is being appealed and will be heard later this year.
The CFTC is not the only ones that take issue with companies like Kalshi. In the past, multiple Senators have spoken out about the company’s ability to influence an election. There has also been confusion over just how much Kalshi users were able to wager on the presidential election.
Being able to offer that market seems to have done Kalshi well. Mansour told CNBC that Kalshi has see a “dramatic gain” in users since election betting was given a green light in the country. Those users are staying with the company following the election. Along with political markets, Kalshi also allows users to take part in market trading on other happenings in the US and around the world. That includes weather, sports, and pop culture.
