Donald Trump Jr. to Be Strategic Advisor for Prediction Market Kalshi
Prediction market company Kalshi has announced that Donald Trump Jr., the eldest son of former President and President-elect Donald Trump, will join the company as a strategic advisor. The company, which gained significant attention during the 2020 U.S. election cycle, revealed the development on Monday, highlighting Trump Jr.'s alignment with its vision and mission.
LISTEN TO THIS ARTICLE:Kalshi rose to prominence after a notable legal victory against the Commodity Futures Trading Commission (CFTC) that allowed for legal election betting in the US. Kalshi CEO Tarek Mansour noted that Trump Jr.'s interest in emerging technologies and his understanding of public sentiment made him a suitable addition to the company. Mansour emphasized that the partnership is centered on building a robust prediction market rather than any political considerations.
Related: Kalshi Introduces New Political Betting Options After Court RulingOn the social media platform X, formerly known as Twitter, Trump Jr. explained his interest in working with Kalshi, citing his experience with the platform during the 2020 election. He highlighted how Kalshi's prediction market accurately indicated a Republican win hours before many major media outlets made their calls. He stated that this reliability and quick reaction on election night inspired him to contribute to Kalshi's mission.
Trump Jr.'s new role with Kalshi is part of a series of partnerships he has taken on since the 2020 election. In November, he joined the advisory board of drone manufacturing company Unusual Machines.
The following month, he joined the board of directors for eCommerce platform PublicSquare. These roles reflect his ongoing involvement with businesses that intersect with technology and public engagement.
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Political Betting Remains Heated Topic
Kalshi, which has seen increased user activity since the legalization of election betting, continues to expand its offerings. Popular markets currently include predictions on topics such as presidential pardon recipients and daily high temperatures in various cities, including Chicago. Mansour noted that the platform has experienced dramatic growth in its user base, with many users remaining active even after the election cycle ended.
The company's decision to bring Trump Jr. on board has drawn some scrutiny due to the political implications of his involvement. However, Mansour emphasized that Kalshi is focused on its mission to build a transparent and reliable prediction market, rather than pursuing political alignments. He reiterated that Kalshi aims to offer users a platform that provides accurate, data-driven insights on a wide range of topics.
The CFTC, which oversees Kalshi, is appealing the court decision that allowed the company to offer election betting. Commissioners of the CFTC are appointed by the president and serve staggered terms, adding a layer of regulatory complexity to Kalshi's operations. Despite this, the company remains committed to expanding its presence in the prediction market space, leveraging the growing interest in legal, regulated betting platforms.
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