Key Points
- Trump's former prompter operator Gabriel Perez earned more than 100 thousand dollars on the Kalshi platform using information he obtained in advance regarding speech contents.
- Kalshi detected the suspicious transactions, reported them to the CFTC, and froze Perez's account before a 90 thousand dollar withdrawal.
- It was stated that Perez accepted some transactions and that a settlement process, which could include the return of earnings, is ongoing with the CFTC.
- The White House announced that Perez was placed on unpaid leave and that Trump found the situation 'embarrassing'.
By the Numbers
It was alleged that Gabriel Perez, a White House technical assistant serving as President Donald Trump's prompter operator, made illegal trades on the prediction market platform Kalshi by gaining early access to speech texts. Perez is accused of earning more than 100 thousand dollars by betting on whether certain words or topics would appear in Trump's speeches.
Sources close to the investigation stated that Perez traded on more than 12 speeches over a three-month period and gained an advantage by utilizing last-minute access to the speech text. The fact that Perez withdrew his bets during certain moments when Trump deviated from the prepared text further increased suspicions. Significant events that were subject to betting included the State of the Union address and the World Economic Forum in Davos.
The Kalshi platform's audit unit detected the suspicious transactions, reported the situation to the Commodity Futures Trading Commission (CFTC), froze the account, and prevented a 90 thousand dollar withdrawal. While it was reported that Perez accepted some of the transactions and settlement negotiations with the CFTC are ongoing, a White House official announced that the employee in question was dismissed. Following the incident, Kalshi implemented new rules requiring users to declare their workplaces.
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Frequently Asked Questions
- On which platform was Gabriel Perez trading?
- Perez used a prediction market platform called Kalshi, where users bet on whether certain words or topics will be mentioned in public speeches.
- What information did Perez use to place bets regarding Trump's speeches?
- It was stated that Perez made trades using his privilege of seeing the President's speech texts in advance and having access to last-minute changes.
- What measures did the White House and Kalshi take following the incident?
- The White House dismissed Perez; Kalshi made it mandatory for users to declare their employers and announced that it would establish a reporting system.
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