CoinDesk
Polymarket has cut jobs and ended contractor agreements while rival Kalshi leads it in monthly trading volume. The prediction market platform confirmed a company-wide reduction in force but did not disclose how many people were affected. More than half were contractors, a source told Reuters.
The cuts follow investor pressure on founder Shayne Coplan to bring more discipline to the business. Polymarket said the changes also involved new hires and personnel changes.
Why it matters
Polymarket and Kalshi compete for users trading contracts tied to the outcomes of elections, sports and other real-world events. Polymarket's restructuring comes as it tries to adjust its business while trailing its rival on monthly trading volume, according to DeFiLlama data.
The company has also reshaped its leadership, naming former Amazon finance chief Warren Jenson as its first chief financial officer in September. The reorganization follows the reported dismissal of marketing chief Matthew Modabber in October after an internal probe into alleged misconduct.
Market impact
The volume gap puts the workforce cuts in the context of a competitive fight for prediction market activity. Trading volume is one measure of platform activity, though the figures cited do not establish the financial impact of the cuts or the size of either company's user base.
Frequently asked questions
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How many people were affected by Polymarket's cuts?
Polymarket did not disclose how many people were affected. More than half were contractors, a source told Reuters.
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What pressure did Polymarket's founder face before the cuts?
Investors had pressed founder Shayne Coplan to bring more discipline to the business.
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How does Polymarket's trading volume compare with Kalshi's?
Polymarket trails Kalshi in monthly trading volume, according to DeFiLlama data.
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Who became Polymarket's first chief financial officer?
Polymarket named former Amazon finance chief Warren Jenson as its first CFO in September.
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What can users trade on Polymarket and Kalshi?
Users trade contracts tied to the outcomes of real-world events, including elections and sports.
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