Trump teleprompter operator made $100K on Kalshi trades: Reports
The Commodity Futures Trading Commission (CFTC) is investigating after personnel at Kalshi admitted that Gabriel Perez, a longtime teleprompter operator for US President Donald Trump, earned about $100,000 by trading in markets that predict the content of Trump’s speeches.
Several media outlets, including ABC News, have quoted sources claiming that Perez reportedly traded on contracts linked with at least a dozen speeches delivered by Trump within three months, including his State of the Union address in February 2026. CNBC further reported that White House Press Secretary Karoline Leavitt said that Perez, the president’s teleprompter operator, had been suspended pending an investigation into the issue.
What happened?
The investigation became public after ABC News reported that the CFTC had been reviewing Perez’s trading activity for several months. According to reports, Perez, who worked as Trump’s teleprompter operator, had access to speech drafts before they were delivered. Investigators are examining whether that access was used to trade in Kalshi contracts linked to specific words or topics that appeared in presidential speeches.
The contracts apparently included a number of notable appearances, such as the State of the Union Address, the World Economic Forum, and other White House events. Kalshi’s surveillance system detected irregular trading activity and immediately contacted the regulatory organizations. The account was then frozen by the platform.
Also under examination are trades that were allegedly altered during presentations. According to reports, certain trades were unwound after Trump deviated from his prepared speech, prompting regulators to ask whether the trades were based on any information about what was said or altered during the speech.
While federal prosecutors appear to have declined to seek criminal charges, the CFTC’s inquiry is ongoing. It has been reported that officials are considering imposing civil penalties on the individual.
Timeline of alleged trading activity
According to sources, the trading period in question spanned three months, and the contracts were signed in response to a number of important events hosted by US President Donald Trump, including the World Economic Forum, the State of the Union Address, and the Medal of Honour Ceremony.
Investigations reveal that Perez traded on the presence of specific terms or themes in Trump’s speeches. Since Perez is accused of having access to Trump’s remarks before they were made public, the question of insider trading has come under scrutiny.
Kalshi’s internal surveillance system detected the unusual trading pattern and reported it to the CFTC, which is how the entire situation came to light. The trades in question involved White House employee Perez, who bet on “mention markets”, in which users predict which words or phrases public figures such as Trump will say during speeches and events.
Around the same time, reports surfaced that the White House had instructed employees not to use confidential information for personal trading. Employees were reportedly advised not to use confidential information to execute trades on these platforms earlier this year, following a series of suspiciously well-timed bets.
Trump’s stand on prediction markets
Trump’s public comments on prediction markets have been mixed. Earlier this year, he said he was “never much in favour” of prediction market betting. However, weeks later, he argued that the CFTC should retain authority over event contract markets and criticised state-level efforts to take action against certain prediction market platforms.
The debate has also drawn attention because Donald Trump Jr. serves as an adviser to both Kalshi and Polymarket. Reports have stated that he received an equity stake in Kalshi when he joined the company in early 2025.
Growing concerns over insider trading
The investigation involving Perez is the latest case to highlight concerns about the use of non-public information in prediction markets.
Similar issues have surfaced in other reported incidents, including allegations that a US Army intelligence specialist used classified information to trade contracts linked to political developments in Venezuela, claims that a Google employee relied on internal company data while participating in prediction markets, and allegations that former Congressman George Santos traded on contracts related to whether he would attend a State of the Union address.
While the details of these cases differ, they have all fuelled debate over how prediction market platforms should manage participants who may have access to confidential information through their professional roles and whether stronger safeguards are needed to prevent potential misuse of privileged information.
Some states in the United States have implemented ethical guidelines that prevent government personnel from participating in prediction markets using non-public information or government resources. These are New York, Maryland, Illinois, California, and North Carolina.
With the rise of prediction markets, authorities, legislators, and platform operators may place a greater emphasis on openness, conflict of interest policies, and procedures that detect the use of non-public information. The lawsuit against Perez is ongoing, and the decision could have an impact on future monitoring processes in the prediction market business.
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