Donald Trump Jr set for Kalshi windfall after prediction platform gave him stake - Financial Times

Donald Trump Jr set for Kalshi windfall after prediction platform gave him stake

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Kalshi, Inc.

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Donald Trump Jr set for Kalshi windfall after prediction platform gave him stake

Privately owned company’s valuation has soared as US administration has adopted a light-touch approach to the sector

!Donald Trump Jr speaks at the Future Investment Initiative conference, gesturing with his right index finger raised.

*Donald Trump Jr’s Kalshi stake has been heavily diluted as it has grown and issued fresh equity over the past 18 months

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George Steer in New York

Published6 hours ago

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Donald Trump Jr was handed about $300,000 worth of equity in Kalshi after joining the prediction market platform as a strategic adviser in early 2025, according to people familiar with the matter.

Kalshi’s donation of the shares to the US president’s eldest son granted him a stake in the private company when it was valued at under $2bn, less than a tenth of its $22bn valuation in a funding round last month.

Trump Jr did not invest any of his own money in Kalshi at the time, one of the people said. But he has amassed a large paper gain as the company has surged in value.

Kalshi has benefited from a light-touch regulatory environment under the Trump administration.

The fast-growing prediction market, which lets traders bet on binary outcomes on everything from when President Donald Trump will buy part of Greenland to which team will win the football World Cup, is in talks to raise funds at a valuation of about $40bn as soon as the third quarter of this year, the FT reported this week.

Trump Jr’s stake has been heavily diluted as Kalshi has grown and issued fresh equity over the past 18 months, the people said. During that period the Trump family has established financial ties to a long list of businesses that stand to gain from the current administration’s policy agenda.

Along with his brother Eric Trump, Trump Jr has contributed to a $1bn war chest built by a New York brokerage that has poured money into drone manufacturers and crypto companies. Trump Jr also has a small stake in online weapons retailer GrabAGun. He joined cage-fighting group Mixed Martial Arts as a strategic adviser last September.

Kalshi declined to comment. Spokespeople for Trump Jr did not respond to requests for comment.

US regulatory bodies headed by the president’s appointees have adopted a hands-off approach to Kalshi and its rival Polymarket since the prediction markets burst into the mainstream when traders on the two platforms correctly tipped Trump to win the 2024 presidential el