CNN host accuses Donald Trump of 'insider trading' as he makes unexpected career move
Donald Trump's social media company, Trump Media and Technology Group, will be launching a prediction betting marketplace on Truth Social, but the news hasn't gone down well
Donald Trump was criticized on CNN after it was announced the president's social media company will be launching a prediction betting marketplace.
Trump Media and Technology Group announced on Tuesday it will soon launch the prediction betting marketplace on Truth Social. This will allow users to gamble on sports and politics directly on the platform.
The news was talked about on Saturday's episode of CNN's Table for Five, with anchor Abby Phillip sarcastically asking "what could go wrong?" The 36-year-old said, "Kalshi, a prediction market platform that Trump's platform is expected to compete with, just raised more than $300 million at a $5 billion valuation. Now, what could possibly go wrong with a betting market on elections run by the son of the sitting United States president who is the leader of one of the major political parties?" It comes after a CNN analyst issued bad news for Donald Trump and warned the president 'can't be too happy'.
Democratic strategist Trip Yang chimed in, "Look, as some would say, 'If the day ends in Y, the Trump family is going to find a way to profit off of politics.' He is a sitting president. Even if he is a former president, he has a massive amount of influence over the modern Republican party." Yang then pointed out how people could manipulate campaigns they work on for profit.
He continued, "For his family to be in the position to monetize so explicitly, there’s something wrong with that. Of course, I’ll say this as well, there has to be some type of regulation, maybe it’s from the SEC, on political gambling."
Yang said, "It's a problem with the Trump family in specifics and a problem, I would say, with the political market in general. Because right know, theoretically, if I were, you know, as a Democratic strategist, to work on a congressional campaign, I could bet on that campaign and profit from it. This is wrong."
"It is. It is insider trading by another name,” Phillip added. "But it’s — now we’re creating, I mean, the layers of problems here, again, you’re right, the specifics of the Trump family is one thing, but it is also a broader problem. But also the specifics of the Trump Family are really problematic.”
Trump Media and Technology Group revealed their new prediction betting marketplace will be called Truth Predict. Devin Nunes, CEO of TMTG, said in a statement the firm is hoping to compete with the "global elites" who control the prediction betting markets.
"For too long, global elites have closely controlled these markets — with Truth Predict, we’re democratizing information and empowering everyday Americans to harness the wisdom of the crowd, turning free speech into actionable foresight," Nunes shared.
TMTG will partner with Crypto.com to develop the betting marketplace. It's been confirmed beta testing will begin in the "near future."
The prediction market industry is dominated by big names such as Polymarket and Kalshi. The industry has saw a boom in recent years, with a huge increase coming around the time of the 2024 presidential election.
TMTG's move into the prediction market industry isn't the Trump family's first introduction to the prediction markets. Donald Trump Jr. recently signed on as a strategic adviser to Kalshi and put money from his investment firm into Polymarket.
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