Polymarket confirms restructuring and layoffs, with some contractor agreements terminated

Nov. 12: According to Bloomberg, prediction market platform Polymarket is undergoing a restructuring that includes layoffs and the termination of partnerships with several contractors. Last week, a screenshot of an email circulating on X claimed the company would carry out "company-wide layoffs" this month, and Polymarket has confirmed the email is authentic. In a statement, the company said that as it grows and new leadership joins, it has carried out a restructuring involving a large number of new hires, personnel adjustments and the departure of some employees, but declined to disclose specific numbers. The report said Polymarket was once the largest prediction market exchange but was later overtaken by Kalshi; the company hired a former Amazon finance executive as its first chief financial officer in September and has recently brought in executives from Goldman Sachs, DoorDash and Robinhood.