Prediction market platform Polymarket has cut jobs among employees and external contractors to restructure its operations, blockmedia.co.kr reported on October 11.
Shayne Coplan has faced pressure from investors to build a more systematic management structure as the company cedes its market lead to competitor Kalshi.
Bloomberg reported the workforce reduction on October 11 after an internal email detailing the company-wide cuts surfaced on X, formerly Twitter. Polymarket confirmed the authenticity of the leaked document to Bloomberg. The cuts arrive after two years of rapid growth across the prediction market sector during which the company encountered various legal challenges.
“As we scale and welcome new leadership, we’re organizing our team for our next phase of growth,” Polymarket said in a statement. The company added that the process involved hiring, internal reassignments, and staff reductions, though it declined to disclose the exact number of workers laid off.
Polymarket hired former Amazon finance chief Warren Jenson as its chief financial officer in September. Executives from Goldman Sachs, DoorDash, and Robinhood have also joined the firm. These hires bring external management expertise to overhaul business operations and financial controls.
The platform launched a separate, regulated exchange in the United States this year alongside its existing blockchain-based platform. The ongoing management shuffle and US expansion will test whether the workforce reduction helps the company reclaim market share from Kalshi.
Shayne Coplan founded the prediction market platform.
Former Amazon finance chief Warren Jenson joined the company in September as its chief financial officer.
Competitor Kalshi took the top market share spot from Polymarket.