Kalshi CEO Confirms Social Media Campaign Against Compe***** Polymarket
Tarek Mansour, CEO of Kalshi, a leading events-betting platform, admitted in a now-deleted podcast segment that his team enlisted social media influencers to capitalize on the FBI raid targeting his rival, Polymarket CEO Shayne Coplan.
The Rivalry Between Kalshi and Polymarket
Both companies operate in the prediction markets space, allowing users to bet on outcomes ranging from elections to pop culture events. The competition took a contentious turn after the FBI raided Coplan’s home in November 2024—an event Kalshi allegedly sought to exploit through influencer-driven memes.
Behind the Controversial Influencer Campaign
During an interview on the podcast First Money In, Mansour clarified:
- Kalshi employees did not pay influencers but encouraged them to post memes about Polymarket’s legal troubles.
- The effort was described as a reaction to heated competition, with Mansour admitting, “Some of our team got pretty heated.”
- The podcast segment was later deleted, though TechCrunch obtained and reviewed the recording.
Accusations of Mutual Social Media Warfare
Mansour also accused Polymarket of similar tactics, claiming rival employees spread false rumors that Kalshi was also raided by the FBI—a claim he vehemently denied.
“Both companies have been doing this,” he said, though TechCrunch could not independently verify these allegations. Neither company responded to requests for comment.
Legal and Regulatory Context
- Polymarket is under DOJ investigation for allegedly allowing U.S. users to place restricted bets, violating a 2022 CFTC settlement.
- Kalshi, meanwhile, has operated legally in the U.S. since 2021 and recently won a lawsuit permitting election betting.
Fallout and Reflection
Mansour acknowledged the social media feud “went too far” but stated no employees were fired. “They understand it was a mistake,” he said.
Funding and Market Position
Kalshi, backed by Sequoia and Y Combinator, is reportedly raising a $50M+ funding round, further intensifying its rivalry with Polymarket in the fast-growing prediction markets industry.
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