Donald Trump Jr.

Donald John Trump Jr. is the eldest son of Donald Trump. After the 2024 election he took roles at the investment firm 1789 Capital, the prediction markets Kalshi and Polymarket, and at the public companies PSQ Holdings and GrabAGun Digital Holdings, and he is the trustee of the trust that holds his father's shares of Trump Media & Technology Group.

1789 Capital

On Sunday, November 10, 2024, Trump Jr. told a crowd of donors that he would join 1789 Capital as a partner, as the New York Times reported; Fortune reported that the partnership meant he would not take a formal role in his father's administration and that the firm then had 150 million dollars to invest.¹ Reuters reported in September 2025 that the firm's assets had passed 1 billion dollars and that, with his addition, the fund "has gained extraordinary access to political power"; a person close to Trump Jr. told Reuters that he does not discuss his business interests with his father or ask for government favors.²

PublicSquare

On December 3, 2024 the board of PSQ Holdings, the parent of the commerce platform PublicSquare, enlarged itself from eight to nine members and appointed Trump Jr. a Class III director, with a term to the 2026 annual meeting. Omeed Malik of 1789 Capital resigned from the same board that day.³

Kalshi

Trump Jr. joined Kalshi as an adviser in January 2025. He said he "immediately knew I had to contribute to their mission" when Kalshi called his father's win hours before the media did.⁴ Kalshi said his "bold business mindset and deep understanding of market dynamics perfectly align with Kalshi's mission to redefine how America engages with information." Axios reported that the position is paid.⁵ The Associated Press described him in April 2026 as a paid strategic adviser to Kalshi.⁶ Salon reported in the same article that he had joined the advisory board of the drone maker Unusual Machines in November 2024, citing CNBC.⁴

At the time of the announcement Kalshi's appeal of the CFTC's September 2023 disapproval of its congressional control contracts was pending before the D.C. Circuit; on May 5, 2025 the Commodity Futures Trading Commission moved to drop the appeal, on terms agreed with Kalshi.⁷

Polymarket

On August 26, 2025 Polymarket announced that 1789 Capital had made a strategic investment in it and that Trump Jr. had joined its advisory board. The terms were not disclosed. Trump Jr. said: "Polymarket cuts through media spin and so-called 'expert' opinion by letting people bet on what they actually believe will happen in the world." The announcement followed Polymarket's July 2025 acquisition of the CFTC-licensed exchange QCEX for 112 million dollars.⁸⁹ Axios reported that the investment was in the double-digit millions of dollars, and a spokesman for Trump Jr. said that the new role "doesn't change anything regarding Don's role with Kalshi." Kalshi declined to comment.⁵

The Department of Justice and the CFTC had closed their investigations of Polymarket without charges in early July 2025, according to CNBC, which cited a person familiar with the matter and Bloomberg's earlier report.¹⁰ The 2025 round of 150 million dollars led by Founders Fund, which Polymarket's chief executive Shayne Coplan disclosed in October 2025, lists "1789" among its investors.¹¹ In September 2026 Covers reported, citing the Wall Street Journal, that 1789 Capital had invested about 200 million dollars in Polymarket in total and was investing roughly 300 million dollars in a 1 billion dollar round at a valuation of about 21 billion dollars.¹²

GrabAGun

In a Form 425 filed April 29, 2025, Trump Jr. is described as a consultant to Metroplex Trading Company LLC, doing business as GrabAGun, and a nominee to the board of GrabAGun Digital Holdings Inc., the planned public company from the business combination with the special purpose acquisition company Colombier Acquisition Corp. II (agreement dated January 6, 2025).¹³ At the closing on July 15, 2025, shareholders of Colombier elected him a director, with 9,775,388 votes for and 36,871 abstentions; the beneficial ownership table in the filing shows 300,000 shares for him, under 1 percent.¹⁴

Trump Media and Truth Predict

In a registration statement filed April 2, 2025, Trump Media & Technology Group stated that 114,750,000 shares of its common stock were transferred by his father on December 17, 2024 to the Donald J. Trump Revocable Trust dated April 7, 2014, of which the elder Trump is settlor and sole beneficiary, and that "Donald J. Trump, Jr., President Trump's son, is the trustee of the Trust and has sole voting and investment power over all securities owned by the Trust."¹⁵

On October 28, 2025 Trump Media filed a current report on Form 8-K disclosing a press release that it would make prediction markets available on Truth Social through an exclusive arrangement with Crypto.com Derivatives North America, a CFTC-registered exchange and clearinghouse. The product, Truth Predict, would list contracts on political elections, interest and inflation rate changes, gold and crude oil prices, and events across major sports leagues. Devin Nunes, chairman and chief executive, said it would let "our loyal users" take part in prediction markets "with a trusted network."¹⁶

Congressional Inquiry

On August 26, 2026 Representative Jamie Raskin sent Trump Jr., Malik and Christopher Buskirk a letter requesting documents on the growth of 1789 Capital and on the firm's hiring of Trump Jr., with answers due September 9. The firm's counsel called the accusations "unsubstantiated talking points." The letter is described on the 1789 Capital page.¹⁷