Donald Trump Jr. received approximately $300,000 worth of equity in prediction market platform Kalshi after joining as a strategic adviser in early 2025, according to sources familiar with the arrangement. The stake was granted when the private company was valued at under $2bn, significantly below its current $22bn valuation from a recent funding round.

Trump Jr. did not invest personal capital in the company but has seen substantial paper gains as Kalshi's valuation exploded. The platform operates under a light-touch regulatory environment that has favored prediction markets since the Trump administration took office, with regulators dropping legal challenges that previously threatened the business model.

The former president's son has established multiple financial connections to companies benefiting from administration policies. Alongside his brother Eric, Trump Jr. contributed to a $1bn war chest supporting drone manufacturers and crypto firms. He also holds a small stake in online weapons retailer Grab AGun and serves as strategic adviser to Mixed Martial Arts.

Kalshi and rival Polymarket have attracted billions in monthly trading volume, primarily on sports bets. The regulatory hands-off approach intensified after both platforms correctly predicted Trump's 2024 election victory, with authorities abandoning probes into alleged illegal betting by American users.