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What’s more improbable than hitting the lottery? Hitting it twice. On the same day. Both Deel and Kalshi were pre launch investments I happened to make on the same day in 2019. Kalshi is now valued at $11B. Both are now decacorns. Grateful to the founders for building through...

24,507 просмотров • 6 месяцев назад •via X (Twitter)

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E174: Tarek Mansour - Launching the First Regulated Perps In The U.S and building the next generation of financial markets Tarek Mansour is the co-founder and CEO of Kalshi, the first regulated prediction market exchange in the US, valued at $22 Billion. He grew up in Lebanon with a single mom, studied at MIT, worked at Citadel, and spent 6 years years building a company most people ignored before it finally took off. We talk about what it actually takes to not give up, why markets are better at finding truth than experts, why Kalshi is launching the first regulated Perps in the US, and how his team is building what he calls the next generation of financial markets. Timestamps: 0:00 Intro 1:54 Urgency 3:11 Anime 4:53 Who is Tarek? 7:02 Mathematics & Certainty 9:10 Tarek's chip on the shoulder 13:33 Partnerships: Trezor Bitwise 15:19 Resilience 16:31 Entrepreneurship is Therapy 18:23 The startup emotional rollercoaster 22:16 Showing up for 2000 days with no results 24:45 First time Founder advantage 26:40 When Kalshi almost made it, but did not 29:54 Partnerships: KAST 31:19 Focus Inputs, Not Results 33:16 The Kalshi beginnings story 36:00 The True Innovation Of Prediction Markets 38:28 How Prediction Markets Revolutionize The Media 41:37 Prediction Markets and Hedging explained simply 44:55 Leverage In Prediction Markets 47:16 Partnerships: Jupiter Ethena 48:00 Insider Trading 51:19 Insider Trading Rules enforcement: who is responsible? 55:26 How Kalshi spots Suspicious Behavior 56:59 Tarek's Honest View On Crypto 59:41 Launching the first Regulated Perps In The U.S 1:00:30 What Does Regulated Perps Mean? 1:02:22 Was Kalshi perps launch inspired by Hyperliquid? 1:03:41 Competition 1:05:58 Kalshi Endgame 1:07:06 What is Kalshi doing with the billions of $ they raised 1:08:31 Happiness and engagement 1:13:08 One Thing Tarek Should Let Go Of 1:14:18 Closing Thoughts

MR SHIFT 🦁

596,102 просмотров • 2 месяцев назад

Long time listener, first time caller - I’m thrilled to share that I’ve joined Kalshi to build out the Product function! Prediction markets are incredibly powerful primitives that are just starting to be explored, much like how crypto was 10 years ago. Anyone can make a market for the outcome of an event, creating a much more balanced and reliable source of information than traditional news or polls. Kalshi is an unstoppable force. It single-handedly created the US prediction market category through sheer willpower and relentless regulatory effort (just google "Kalshi sues CFTC"). It’s a better source of truth for the presidential election than traditional polls, it pioneered "mention markets," created a platform for anyone to earn on their knowledge, and has set the pace of innovation in financial markets over the last few years. I can’t think of two better people to lead the way than Tarek Mansour and Luana Lopes Lara. As soon as I met them I knew they had what it took to build a generational company and that I wanted to build it with them. My mission here is to lead and scale our Product function, helping us build the next generation of trading products and markets to make this vision a reality. Everybody is an expert on something, and Kalshi is the definitive platform to trade on that knowledge. The markets agree - this week alone, we deepened our partnership with Solana on Monday, announced our Series E raise from Paradigm, Sequoia Capital, a16z and more on Tuesday, launched our partnership with CNN to reshape the future of news Wednesday, and announced our partnership with CNBC Thursday. And this is just a normal week for us. To use my favorite Coinbase phrase - it's still day 1. P.S. We are hiring. If you are interested in building what has the potential to be the most important consumer opportunity of our times, message me.

Catherine Sullivan

68,837 просмотров • 8 месяцев назад

Mark Zuckerberg is bankrupting a $22 billion startup because they refused to sell to him. The company is Kalshi. They run the largest prediction market in the US. Users bet real money on real-world outcomes. Last year, prediction markets did $28 billion in monthly volume across the industry. This month, they did $220 BILLION. The sector literally 8x'd in a single year. Bernstein now projects the entire prediction market industry will hit $1 TRILLION by 2030. Zuckerberg saw the growth curve coming. Last year, when Kalshi was valued at only $2 billion, he sat down with founder and CEO Tarek Mansour to discuss buying the entire company. Mansour said no. Kalshi went on to raise at $11 billion in December. Then $22 billion in March. It is now pursuing a $40 billion round and openly weighing an IPO. Zuckerberg's response: He walked back to Meta headquarters, took every piece of information he learned in that meeting, and directed a small internal team to build a Kalshi clone from the ground up. Meta's version is called Arena. It uses Llama to generate the questions. Every one of Meta's 3.5 billion daily users will get access. And here's where the plan gets ruthless... Meta is deliberately launching with play money. That single decision lets Zuckerberg dodge every gambling regulator on Earth while he trains billions of users to bet on prediction markets. Meanwhile Kalshi is spending millions fighting state gambling laws, the CFTC, an Illinois sports tax, a Minnesota felony statute, and the Department of Justice. Kalshi is the crash test dummy. Meta is the getaway driver. The moment the regulatory war is settled, Zuckerberg flips the switch. Arena becomes a real-money market, and 3.5 billion users are already trained to use it. Kalshi's user base of a few million cannot compete. This is the exact playbook Meta ran on Snapchat in 2016 when Instagram Stories launched. It is the exact playbook they ran on TikTok in 2020 when Reels launched. It is the exact playbook they ran on Twitter in 2023 when Threads launched. The FTC took Meta to court over this pattern last year and called it "buy or bury." The judge sided with Meta. So the playbook is legally protected. Tarek Mansour walked into a meeting with the most predatory copycat in tech history and gave him the entire pitch deck for the fastest growing product in Silicon Valley. Six months later, Zuckerberg is executing on that intel while Mansour is stuck defending his company in courts across America. Kalshi survived Zuckerberg's offer. But it probably will not survive Zuckerberg's clone. Meta ended Q1 with $81 billion in cash. That is enough to buy every prediction market company on Earth six times over. Zuckerberg is choosing to STEAL them instead because he can, and because the courts already gave him permission. The next 12 months will decide whether Kalshi becomes a $50 billion IPO or a cautionary tale about what happens when a founder says no to Meta. What do you think?

Ricardo

1,468,122 просмотров • 1 месяц назад

New podcast episode with Kalshi Cofounder and CEO Tarek Mansour (Tarek Mansour) is live. In this special episode, our host Robert Hackett chats with Tarek bout how prediction markets are enabling people to trade directly on real-world events — from elections to inflation — and what this means for the future of finance and forecasting. Tarek explains why prediction markets aren’t gambling, how regulation has been central to Kalshi’s success, and why the company is embracing crypto and stablecoins as key components of its international strategy. He also discusses lessons learned about policy, product design, and staying compliant while innovating at the frontier. Topics include: → How prediction markets make society "smarter" → The role of regulation in fintech innovation → Why Kalshi started with crypto payments → Lessons from FTX and the importance of compliance → Building consumer trust and network effects → Tarek’s take on productivity, leadership, and even… kombucha Timestamps: 00:00 – Introduction: What are prediction markets, and why now? 01:04 – Kalshi’s mission: making forecasting tradable 01:52 – Why crypto fits into Kalshi’s long-term strategy 03:19 – Going global with stablecoins 05:55 – The long road to regulation and why it mattered 7:51 – Coinbase and Robinhood as role models 08:17 – The Trump trade: direct vs. indirect exposure to events 10:51 – Lessons from FTX and why compliance is a moat 12:06 – How Kalshi monitors markets and prevents manipulation 15:00 – Momentum after the presidential election 16:48 – How policy in DC really works 17:56 – The hidden advantage of being regulated 18:52 – Lightning round: worst advice, productivity habits, and more 21:00 – The importance of process and patience (“The Score Takes Care of Itself”) 22:30 – The smallest hill Tarek will die on

a16z crypto

55,170 просмотров • 8 месяцев назад