Kash Patel is Donald Trump‘s pick to lead the Federal Bureau of Investigation, making him another member of the Trump Media & Technology Group (NASDAQ:DJT) board to be selected for a position in the president-elect's next administration.
What Happened: Patel is well-known as a loyal Trump supporter and, in the past, has spoken publicly about overhauling the FBI. Patel previously worked for Trump on the National Security Council in 2019. Patel also helped with the Pentagon transition effort from Trump to Biden, as reported by CNN.
Along with his past experience working for the National Security Council, Patel also plays a role with Trump Media & Technology Group, which was co-founded by Trump.
Patel serves as a director on the company’s board. Trump Media CEO Devin Nunes recently congratulated Patel on Trump's announcement.
"An immensely talented lawyer and investigator with an unimpeachable devotion to our Constitution, Kash is a brilliant pick to serve as Director of the FBI," Nunes said in a press release.
Nunes said he worked closely with Patel to "expose the saboteurs within the Intelligence Community who perpetuated the Russia collusion hoax."
Patel previously served as an aide to Nunes when he was a U.S. representative and the top Republican on the House Intelligence Committee, CNN reported.
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Patel's Wealth: A formal nomination of Patel as FBI director could shed more light on his finances and wealth, but right now, limited sources indicate how rich Trump’s anticipated nominee is likely to be.
Since Trump left the White House after losing the 2020 election, Patel has remained close with the former president and has grown his wealth through merchandise related to Trump and positions with foundations.
Patel was paid $130,000 last year as part of a consulting agreement between his company Trishul and Trump Media and Technology Group. Patel serves as an independent contractor of TMTG in exchange for an annual payment of $120,000 plus out-of-pocket reimbursements, according to a company filing.
Patel is the author of a children's book trilogy called "The Plot Against the King." The book series features characters like King Donald, Sleepy Joe and Hillary Queenton, weaving plots about spreading lies to seize the throne and efforts to unseat "Comma-la-la-la-la" to reclaim it.
Patel also founded the Kash Foundation, previously known as Fight With Kash, which provides financial assistance to active duty service members and veterans.
Trump's leadership PAC has paid Patel over $300,000 since the start of 2023, the Associated Press reported.
Patel has also promoted pills that claim to reverse the effects of the COVID-19 vaccine, Newsweek reported.
Merchandise sold under the "K$H brand" includes playing cards and apparel that may also add to Patel's wealth and sources of income related to Trump.
Patel also served as a producer on the song "Justice For All," which was penned by the Jan. 6 Prison Choir singing "The Star-Spangled Banner" mixed with Trump reciting the Pledge of Allegiance.
What's Next: Like other nominees announced by Trump, no formal approval process has occurred yet as he awaits his January inauguration.
Similar to other Cabinet nominations, a formal nomination of Patel by Trump would need to be approved and confirmed by the Senate.
Prediction market Polymarket shows odds of 61% that Patel will be confirmed by the Senate. The market resolves as Yes and pays out at $1 per Yes contract if Patel is confirmed as the FBI Director by June 30, 2025. A rejection by the Senate, a withdrawal of Patel's nomination or an appointment approved during the Recess party without Senate confirmation will close at No and pay out $1 for No contracts and at zero for Yes contracts.
On Polymarket, users can deposit funds using USDC (CRYPTO: USDC) via the Polygon (CRYPTO: MATIC) network, or directly from a crypto account with Ethereum (CRYPTO: ETH). Like the 2024 election markets, the odds on potential Cabinet members are becoming hot betting markets on Polymarket.
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