🕒 Created · Updated

Donald Trump Jr. leads a $1 billion funding round for prediction market platform Polymarket.

Donald Trump Jr. is a partner in 1789 Capital, the venture capital firm leading a $1 billion funding round for the prediction market platform Polymarket. The firm contributed $300 million to the round, adding to the $200 million it had previously invested in the site. This new funding round values Polymarket at $21 billion, a 40% increase from its previous valuation of $15 billion. Polymarket allows users to bet on various outcomes, such as presidential speeches and reality show marriages. While the industry faces regulatory scrutiny from state governments, the administration argued that the Commodity Futures Trading Commission should be the sole regulator of the industry. The CFTC has sued at least nine states over their attempts to regulate sports-related wagers on prediction sites. Donald Trump Jr. also serves as an adviser to rival platform Kalshi, holding shares worth more than $300,000. President Trump has expressed support for the prediction market industry, stating that the markets would thrive under his leadership.

Sources

Paywall and unreadable sources