Ars Technica: Trump Teleprompter Aide Bet Near $100,000 on President's Speech Content
An aide who assisted with former President Donald Trump's teleprompter made nearly $100,000 by betting on the content of Trump's speeches on a prediction market, Ars Technica reported.
An individual involved in preparing former President Donald Trump's speeches placed bets totaling nearly $100,000 on the prediction market platform Kalshi, using what Ars Technica described as insider knowledge about the expected content. The individual reportedly made over 70 distinct "contracts" or predictions related to Trump's remarks.
Kalshi operates as a regulated prediction market where users can "forecast the future" by trading contracts based on the outcomes of real-world events. The company has sought federal oversight from the Commodity Futures Trading Commission (CFTC), positioning its operations as akin to commodity futures contracts rather than gambling. This federal engagement has led to legal battles with states attempting to regulate such markets under gambling laws.
The case highlights concerns regarding the potential misuse of non-public information on prediction markets, even those under regulatory scrutiny. The report suggests a possibility of exploiting insider knowledge for financial gain through these platforms.
Ars Technica pointed to a prior incident where a U.S. soldier was arrested in April for allegedly profiting significantly from insider information on the prediction site Polymarket, related to his own work assignments.