Story perspectives

Major Donor Blocked from Betting on Swalwell's Campaign

2/26/2026

Summary

Story summary

Stephen Cloobeck, a major Democratic donor, was blocked from betting on the California gubernatorial race, specifically Rep. Eric Swalwell's candidacy.
He tried to wager about $1,000 on Swalwell winning and $2,000 against Matt Mahan losing, but Kalshi restricted trading.
Previously, Cloobeck successfully bet on Swalwell's campaign before endorsing him and donating $39,200.
Kalshi has not explained the restriction, while more than $3 million has been wagered in the crowded race.

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Story summary

Stephen Cloobeck, a major Democratic donor, was blocked from betting on the California gubernatorial race, specifically Rep. Eric Swalwell's candidacy.
He tried to wager about $1,000 on Swalwell winning and $2,000 against Matt Mahan losing, but Kalshi restricted trading.
Previously, Cloobeck successfully bet on Swalwell's campaign before endorsing him and donating $39,200.
Kalshi has not explained the restriction, while more than $3 million has been wagered in the crowded race.