Asked about an Oct. 27, 2026 Financial Times investigation into his August hunting trip to Mongolia, where he spent two days with boxing executive Umar Kremlev, Donald Trump Jr’s spokesperson repeated a familiar answer: the two share “a personal friendship, not a business relationship.” That line puts a spotlight on the Trump Jr business roles that are on the public record.
Where it stands: The most recent dated report on those interests came in September, when the National News Desk reported that 1789 Capital, the venture firm where he is a partner, was expected to add $300 million to its Polymarket stake. As of Oct. 28, no outlet had reported a link between any of his business roles and Kremlev.
The FT said its requests for comment to Kremlev and to Arthur Martirosov, a Russian businessman on the trip with him, went unanswered. In September, Trump Jr’s spokesperson told ProPublica that Kremlev is “not someone he has a business relationship with,” and Kremlev’s press office described a “friendly relationship.”
What Trump Jr business roles are publicly reported?
Four roles appear in reliable reporting for 2025-2026: partner at 1789 Capital, paid adviser to Kalshi, member of Polymarket’s advisory board and co-founder of World Liberty Financial.
Each role below is attributed to the outlet or official record that reported it.
| Role | Since | Reported by |
|---|---|---|
| Partner, 1789 Capital | After the Nov. 2024 election | CNN; House Oversight Democrats |
| Strategic adviser, Kalshi (paid) | January 2025 | Front Office Sports, citing Axios |
| Advisory board, Polymarket | August 2025 | Front Office Sports |
| Co-founder, World Liberty Financial | Not stated | CNBC |
What is 1789 Capital, and what is his role there?
1789 Capital is a venture capital firm based in Palm Beach, Florida. Trump Jr announced after his father’s November 2024 election win that he would join it as a partner, CNN reported.
House Oversight Committee Democrats, in an Aug. 11, 2026 release, also describe 1789 as the venture firm where he serves as a partner. That release concerned Vulcan Elements, a company in which 1789 took a stake in 2025 and which later received a $620 million Defense Department loan. Citing ProPublica, the Democrats said the loan followed direct White House intervention; the company told committee staff it got no special treatment.
Speaking for Trump Jr, adviser Arthur Schwartz told CNN in January that “all of 1789’s investments are passive minority positions in private American companies” and that the firm has no part in running them. CNN noted that the Democratic senators raising questions about Pentagon backing for 1789-linked firms did not allege that the firm or Trump Jr broke any law.
What are his ties to Kalshi and Polymarket?
He advises two rival prediction markets, platforms where users trade contracts on the outcomes of events. He has been a strategic adviser to Kalshi since January 2025 and joined Polymarket’s advisory board in August 2025.
The Kalshi job is paid, Front Office Sports reported, citing Axios. When he joined, he received Kalshi shares reportedly worth more than $300,000, according to the National News Desk.
His Polymarket seat came with an undisclosed investment by 1789 Capital, Front Office Sports reported. A spokesman said at the time that the move did not change anything about his role at Kalshi. By September 2026, according to the National News Desk, 1789 was reported to be putting another $300 million into Polymarket on top of about $200 million already invested.
Those ties have drawn congressional attention. In his September letter to the Senate Judiciary Committee, Sen. John Curtis, a Utah Republican, cited Trump Jr’s links to prediction-market platforms that, he wrote, “depend on favorable federal regulatory decisions being considered by the Commodity Futures Trading Commission.” Trump Jr has said his investing is done as a private citizen and that he holds no policy job in the administration, according to the National News Desk.
What is World Liberty Financial?
World Liberty Financial is a cryptocurrency company associated with the Trump family. CNBC identified Trump Jr as one of its co-founders in October 2025.
Earlier coverage of the firm is in our report on Trump family crypto ventures. As of Oct. 28, no outlet had reported any tie between World Liberty and Kremlev.
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Where does Kremlev fit into this picture?
Nowhere, on the public record. As of Oct. 28, no outlet had reported a role for Kremlev in any of these businesses, or any business deal, investment or payment for services between Trump Jr and Kremlev, and both sides describe a friendship.
Their first known public meeting came at an IBA business forum in Istanbul in 2025. The IBA’s own release introduced Trump Jr there as Executive Vice-President of The Trump Organization. His spokesperson told ProPublica he was not paid to appear and was already in Turkey for something unrelated.
The spokesperson told the FT that the friendship rests on a shared love of hunting, fishing and the outdoors. The non-business framing matters because lawmakers have asked about money. Kremlev paid for some of Trump Jr’s May wedding celebrations, ProPublica reported; President Trump later said his son had repaid him, and Kremlev told an IBA press conference in Istanbul in October that the money had been returned. No repayment record has been published.
What have lawmakers asked about his business?
Democrats have sought records on his finances and his access to the White House, and one Republican senator has asked for a subpoena. Other Republicans have defended him.
Rep. Robert Garcia, the Oversight Committee’s ranking Democrat, wrote in September that because Trump Jr “reportedly advises his father, the President of the United States, on issues of national security and vetting White House personnel, any possible foreign entanglement deserves close scrutiny.”
Sen. Bernie Moreno, an Ohio Republican, countered: “Despite the baseless media attacks, there is no evidence that Don has ever sold access to the President, abused his relationship on behalf of his business partners, or broken any law.”
See also: the FT’s Mongolia findings and the congressional reaction.
As of Oct. 28, 2026, no public reaction from Congress to the FT’s Mongolia story had surfaced in news coverage.
Frequently Asked Questions
What companies is Donald Trump Jr involved with in 2026?
Publicly reported roles include partner at the venture firm 1789 Capital, paid strategic adviser to Kalshi, member of Polymarket’s advisory board and co-founder of World Liberty Financial.
Does Trump Jr have a business relationship with Umar Kremlev?
His spokesperson says no, describing a personal friendship based on hunting and the outdoors. Kremlev’s press office describes a friendly relationship. No outlet has reported a business deal between them.
Is Trump Jr paid by Kalshi?
Front Office Sports, citing Axios, reported that his Kalshi adviser role is a paid position. The National News Desk reported he received Kalshi shares reportedly worth more than $300,000 when he joined.
What is 1789 Capital?
A venture capital firm based in Palm Beach, Florida, where Trump Jr is a partner. An adviser to Trump Jr says its investments are passive minority stakes in private American companies.
Sources
- Inside Donald Trump Jr’s Mongolian hunting trip with a Kremlin-linked businessman — Financial Times, October 27, 2026
- Russian oligarch says Donald Trump Jr. has paid him back for wedding celebration expenses — Associated Press (via Action News Jax), October 6, 2026
- Donald Trump Jr.’s Bahamas Wedding Was Secretly Bankrolled by Russian Oligarch Close to Putin — ProPublica, September 14, 2026
- A turning point for global sport: IBA President Umar Kremlev and Donald Trump Jr join forces — International Boxing Association, September 2025
- Democratic senators sound the alarm on Pentagon backing firms linked to Donald Trump Jr. — CNN (via KVIA), January 23, 2026
- Ranking Members Robert Garcia and Jared Huffman Demand Documents from Vulcan Elements — House Committee on Oversight and Government Reform (Democrats), August 11, 2026
- Kalshi Advisor Donald Trump Jr. Joins Rival Polymarket Board — Front Office Sports, August 26, 2025
- Firm linked to Trump Jr. invests millions in Polymarket — The National News Desk (via KUTV), September 2026
- Trump-linked crypto firm World Liberty plans expansion — CNBC, October 1, 2025
- Republican senator calls for Don Jr. and Hunter Biden to be subpoenaed over business dealings — Colorado Politics, September 22, 2026
- Republicans slow-walk Curtis request to subpoena Donald Trump Jr. — Deseret News, September 23, 2026
- Democrats begin investigation into relationship Donald Trump Jr. has with Russian oligarch — Kyiv Independent, September 16, 2026
This article is news reporting and analysis based on the public sources listed above, as they stood on the dates shown. Where officials, lawmakers or analysts disagree, including on whether an action is lawful, their positions are attributed to them; Donald Trump Class Action is not a court and nothing here is legal advice. Facts in a developing story can change.