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Kalshi, the prediction market platform, has retracted an announcement regarding a collaboration with Elon Musk’s artificial intelligence firm xAI.Stake Bonus Code for New Users – June 2025

Financial news service Bloomberg, which last week broke news of the partnership, has since deleted its original story on the deal.

Social media posts on X (formerly Twitter) and LinkedIn by Kalshi CEO Tarek Mansour, touting the announcement, have also been scrubbed.

“I could not be more excited to announce Kalshi’s upcoming partnership with xAI,” Mansour said in a now-deleted post. “Together, we’ll shape the future of news and information.”

Hours later, amid much confusion, Bloomberg posted a retraction, reporting that the agreement between Kalshi and xAI “had not been mutually confirmed.”

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It remains unclear if a deal was ever actually agreed upon between Kalshi and xAI. Whatever the case, Mansour spelled out his vision for both sides, writing in a since-deleted post that “Together, we’ll shape the future of news and information.”

Mansour also shared his affinity for Musk, saying he has “inspired me at every step,” and explained that prediction markets, social media, and AI are deeply aligned in how they operate.

That Mansour and Musk both have ties within U.S. President Donald Trump’s inner circle only fueled speculation about the potential partnership.

In January, Kalshi took on Donald Trump Jr. as a strategic advisor.

Meanwhile, Trump nominated Kalshi board member Brian Quintenz to head the Commodity Futures Trading Commission (CFTC), the federal agency that oversees prediction markets such as Kalshi.

As for Musk, he was appointed by Trump to head the newly formed Department of Government Efficiency (DOGE), a program focused on cutting government spending.

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Whereas sports betting is legally operative in only 38 states and Washington, D.C., prediction markets like Kalshi, Robinhood and Crypto.com are accessible throughout the country.  

Because they are not considered sports betting, these platforms lack specific safeguards and do not pay state taxes on betting. This has motivated gaming regulators to shut them down, claiming they circumvent rules, regulations, and tax policies.

This week, Arizona became the seventh state to issue a cease-and-desist letter to Kalshi, joining New Jersey, Nevada, Maryland, Montana, Ohio, and Illinois.

“The Department recognizes Kalshi’s attempt to legitimize its conduct by labeling it as an “innovation” regulated by the Commodity Futures Trading Commission,” Douglas Jensen, Chief Law Enforcement Officer for the Arizona Department of Gaming (ADG), wrote in a letter addressed to Mansour on Wednesday, according to multiple reports. 

“In fact, there is no meaningful difference between buying one of your offered contracts and placing a bet with any other sportsbook,” he continued. 

He concluded: “Given the lack of licensure and compliance with Arizona statutes and regulations related to event wagering, online gambling as operated by Kalshi in Arizona, whether through a website … the Kalshi mobile applications, or otherwise, is illegal.”

The ADG sent similar letters to Robinhood and Crypto.com.

Kalshi scored a victory earlier this month when the CFTC moved to drop its appeal of a federal judge’s decision allowing the platform to offer election-based event contracts in the United States.