According to an FT report, when Donald Trump Jr., the eldest son of Trump, joined the prediction market platform Kalshi as a strategic adviser in early 2025, he received approximately $300k in Kalshi equity, at a time when the company’s valuation was under $2 billion. Kalshi’s last-month funding-round valuation has since risen to $22 billion, and it is reportedly in talks to raise funds as early as the third quarter of this year at a valuation of about $40 billion, in which Trump Jr.’s equity may already have generated substantial paper gains. The report said that at the time, Trump Jr. did not invest any of his own capital, but his shares were significantly diluted in Kalshi’s subsequent share issuances.