The company that owns the Trump family’s media properties plans to incorporate prediction markets into Truth Social, the social media site that President Donald Trump launched in 2022.
Prediction markets are exchanges where people can bet on the outcome of events. The prices of the outcomes reflect people’s forecasts, which can be more accurate than traditional forecasting methods. Truth Social users will be able to to bet on elections, inflation rate changes, sports, and commodity prices on gold and crude oil, according to the statement.
Prediction markets are currently dominated by Polymarket and its rival Kalshi, which became household names during last year’s presidential election campaign. During that time, millions of people bet more than $3 billion on the outcome of the election. Fast forward a year later, Polymarket is valued at $9 billion and Kalshi is valued at about $5 billion.
Trump Media touts the effort as a way to make prediction markets more accessible to everyday Americans.
“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,” said Devin Nunes, Chairman and CEO of Trump Media, in the statement.
