Polymarket trims workforce under investor pressure as Kalshi surges ahead
Prediction market platform Polymarket has cut jobs and ended contractor agreements amid investor pressure on founder Shayne Coplan and growing competition from rival Kalshi.
Polymarket has confirmed a "company-wide reduction in force" that included job cuts and ending contractor agreements. The company did not specify how many employees were affected, though a source told Reuters that more than half of those impacted were contractors.
Investor Pressure
The workforce reductions follow pressure from investors on founder Shayne Coplan to bring more discipline to the business. Polymarket acknowledged the cuts involved "a lot of new hires, changes in personnel and letting some people go."
The changes involved "a lot of new hires, changes in personnel and letting some people go."
Market Competition
The restructuring comes as Polymarket now trails rival Kalshi in monthly trading volume, according to DeFiLlama data. Both companies operate in the prediction markets space, where users buy and sell contracts based on the odds of real-world events like elections and sports outcomes.
Polymarket has also made changes to its leadership team, naming former Amazon finance chief Warren Jenson as its first CFO in September. The company continues to face challenges in maintaining its market position against Kalshi's growing presence.
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