Polymarket has laid off employees and ended contractor agreements as part of a restructuring. The prediction market platform confirmed the workforce change after an internal email circulated online. More than half of those affected were contractors.
What was affected
The cuts hit marketing, customer experience, and engineering teams. Full-time employees and contractors were both included in the reduction. Polymarket also disputed reports that 30% of its workforce was cut.
Leadership changes
The company has brought in several new executives. Warren Jenson became its first chief financial officer in September. Former Uber executive Travis VanderZanden also joined as chief growth officer.
Competition and revenue
Rival platform Kalshi has overtaken Polymarket in monthly trading volume. Kalshi recently secured US$1 billion in financing at a reported US$40 billion valuation. Polymarket said annualized revenue exceeded US$1.8 billion in November.
The Commodity Futures Trading Commission is reportedly reviewing Polymarket's compliance with a 2022 settlement. The company operates a US-regulated exchange and an international blockchain marketplace. No new enforcement finding has been announced.
Read more: reuters.com