Polymarket confirms workforce and contractor cuts amid restructuring
People moves2 min read
Polymarket said on 11 November that it had reorganised, ending several contractor agreements and letting some employees go. More than half of those affected were reportedly contractors; Polymarket called claims that about 30% of its workforce was affected inaccurate but gave no alternative figure.
Polymarket has cut jobs and ended several contractor agreements in a business-wide restructuring, the prediction market platform confirmed. The company acknowledged the changes on 11 November after an internal email about ending contractors’ agreements circulated on social media.
A person familiar with the matter said the cuts mainly affected marketing, customer experience and engineering teams, and that more than half of those affected were contractors. Some full-time employees were also let go. Polymarket disputed reports that about 30% of its workforce was affected, but did not give an alternative figure.
The reorganisation followed the arrival of new executives and was designed to prepare Polymarket for its next growth phase, the company said. It plans to keep hiring as it develops its next phase of operations. In September, it named Warren Jenson its first chief financial officer. Travis VanderZanden, formerly of Uber, became its chief growth officer earlier this year.
Kalshi has overtaken Polymarket in monthly trading volume. The rival has broadened its distribution and struck partnerships that helped boost activity, including a deal connected to the FIFA World Cup. In late October, Kalshi raised $1 billion at a $40 billion valuation in a funding round jointly led by Sequoia and Wellington.
Polymarket faces a US Commodity Futures Trading Commission probe into whether it violated a 2022 enforcement agreement. Under the agreement, the company committed to blocking US users from its main offshore platform. Polymarket is based in New York and operates an offshore entity registered in Panama.