Matt Levine’s Money Stuff: Kalshi Found Some Insider Traders (Correct)

Kalshi insider trading

Last year, on X, Bill Ackman proposed a trade for Eric Adams. Adams was at the time running for re-election as mayor of New York, and he was way behind in the polls. Ackman believed that it would help Andrew Cuomo, Ackman’s preferred candidate, if Adams dropped out of the race. To encourage this, Ackman argued that Adams should go on Polymarket, the prediction market, and buy contracts predicting a Cuomo win at about 15 cents on the dollar, and then he should drop out of the race, instantly pushing up the price of the Cuomo contracts and making him a ...