Musk’s X makes Polymarket official prediction market partner
Elon Musk’s social media platform, X, has officially partnered with the prediction market platform Polymarket, just weeks after a previously announced collaboration with Kalshi was retracted.
In a press release, Polymarket confirmed that it will serve as the official prediction market partner for X. Linda Yaccarino, CEO of X, expressed enthusiasm about the collaboration, stating, “We are pleased to partner with Polymarket and look forward to bringing their data and technology to Polymarket users through a range of innovative product integrations.”
This partnership aims to launch a unique product that leverages X’s extensive data to enhance the offerings on Polymarket’s cryptocurrency-centric prediction betting platform. Through this integration, users will receive live insights and real-time annotations based on Polymarket’s predictions, creating a dynamic user experience.
Shayne Coplan, CEO of Polymarket, elaborated on the collaboration’s potential, emphasizing, “By combining Polymarket’s accurate, unbiased, and real-time prediction market probabilities with Grok’s analysis and X’s immediate insights, we will deliver contextualized, data-driven insights to millions of Polymarket users globally in real time.”
### Legal Status of Polymarket in the U.S.
It is crucial to note that Polymarket is currently not legal in the United States and is not registered with the Commodity Futures Trading Commission (CFTC). Following a settlement with the CFTC in January 2022, the New York-based platform has blocked U.S. users, successfully redirecting its focus to international markets.
During the November U.S. elections, Polymarket recorded billions in trading volume, highlighted by a notable $85 million win by an unknown “whale” bettor from France betting on Donald Trump’s victory. In addition to traditional prediction markets, Polymarket has expanded into sports contracts, enhancing its market offerings.
Unlike other CFTC-registered exchanges, Polymarket primarily utilizes cryptocurrency for transactions, raising concerns regarding Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. The platform has faced criticism for the nature of some of its contracts, including bets relating to sensitive events, such as the California wildfires and speculation about the health of prominent public figures.
### The Fallout Between Trump and Musk
Earlier this year, prediction market platform Kalshi announced a partnership with Elon Musk’s AI firm, xAI, but that announcement was retracted on the same day, leaving many questions unanswered. The timing of X’s new partnership with Polymarket is significant, coming soon after a public dispute between Elon Musk and former U.S. President Donald Trump over a recently passed Republican Party spending bill.
The Trump family, notably Donald Trump Jr., has shown support for Kalshi. He took to X in January to highlight his experience using the platform on election night at Mar-a-Lago, stating, “While biased outlets called the race a coin toss, my family and close friends used Kalshi to know we won hours ahead of the fake news media.” Trump Jr. was subsequently appointed as a strategic advisor to Kalshi.
The public confrontation between Musk and Trump escalated recently, with both individuals addressing the controversy on their respective social media platforms, Truth Social and X. Musk accused Trump of winning the presidency solely due to his financial backing, while Trump threatened to abolish all government contracts benefiting Musk’s companies.
Adding to the tensions, Musk insinuated on X that Trump had links to controversial figures, asserting, “Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public.”
As these developments unfold, the intersection of social media, prediction markets, and the volatile landscape of political discourse continues to shape the narrative within the gambling industry and beyond.
