Kalshi CEO admits enlisting influencers to dis Polymarket in a now-deleted podcast segment
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A Polymarket advertisement in the Brooklyn borough of New York, US, on Monday, July 22, 2024. Various US election outcomes have propelled open wagers close to $1 billion on Polymarket, a 500% jump over the past few months, even though Polymarket says it has excluded US users since 2022 as part of a settlement with federal regulators. Photographer: Michael Nagle/Bloomberg via Getty Images
Kalshi CEO Admits Enlisting Influencers to Dis Polymarket in Now-Deleted Podcast Segment
Marina Temkin 2 hours ago
In a shocking revelation, Kalshi’s CEO Tarek Mansour has admitted on a recent podcast interview that his employees asked social media influencers to promote memes about the FBI raid on the home of his arch-rival, Polymarket CEO Shayne Coplan. The unexpected confession came during an episode of FirstMoney In, which was subsequently deleted from the platform.
According to Mansour, some Kalshi team members got “pretty heated” and asked a few long-standing affiliates to post memes about the incident. He did not provide further details regarding the scope or extent of this influencer campaign.
The admission comes amidst an ongoing feud between the two companies, which have been in competition since their inception. The latest development is likely to escalate tensions between them.
Notably, Polymarket has been under investigation by the Department of Justice due to allegations that it allowed U.S. users to engage in restricted trades. The company is barred from allowing U.S. traders on its platform, as per a 2022 settlement with the Commodity and Exchange Commission.
On the other hand, Kalshi is legally permitted to accept bets from U.S. residents since 2021 and has recently secured a significant victory in a lawsuit that allows it to do so for election outcomes.
Mansour’s admission of enlisting influencers to discredit Polymarket further highlights the bitter rivalry between the two companies. Both are currently seeking funding, with Kalshi reportedly in talks to raise over $50 million in its latest round.
It remains unclear whether the deleted podcast segment will be reinstated or if Mansour will provide additional information about the influencer campaign.
Source: techcrunch.com
