Fintech · Exchange fee model aligns incentives to self-regulate addictive behavior vs gambling loss-revenue model

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Sequoia Capital

Kalshi's Tarek Mansour: Chaos by Design

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Exchange fee model aligns incentives to self-regulate addictive behavior vs gambling loss-revenue model

2026-07-09 · 5 company · 6 thematic

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tarek mansour

Former trader and risk manager who grew up in Lebanon; co-founded Kalshi in 2018 to build a regulated 'everything exchange' for event contracts. Led the company through a multi-year regulatory battle including suing the CFTC and winning, achieving 95% US election market share. Mission-driven founder who views the company as a vehicle for the idea rather than an end in itself.

brian halligan

Co-founded HubSpot and served as CEO until 2021, pioneering inbound marketing; joined Sequoia as a venture partner in 2023. Hosts Sequoia's podcast interviewing founders. Draws parallels between Kalshi's journey and HubSpot's early mission-driven, patient approach to building a category-defining company.

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