Kalshi's election night success — and how a trader won more than $350,000

Welcome to Thursday’s edition of Washington Secrets, where we are still running through the fallout from election night. Today we look at prediction market claims that the people are now effectively in charge of calling races, usurping a small elite who jealously guarded that power. Plus we speak to a Kalshi trader who made hundreds of thousands of dollars, and we have an exclusive on Rep. Byron Donalds’s first speech as Florida governor-elect.

The New York Times email landed at 8:07 p.m. Tuesday, announcing to readers that its election forecast needle was live.