Polymarket Restructures, Lays Off Employees and Terminates Contractor Collaborations

The prediction market platform Polymarket is undergoing a restructuring that involves layoffs and the termination of collaborations with several contractors. The company confirmed that it will implement layoffs across the entire organization, stating that this restructuring is due to the company's development and the addition of new leadership. This includes hiring new employees, personnel adjustments, and the departure of some staff, although the specific number of layoffs has not been disclosed. Polymarket was once the largest prediction market exchange but has since been surpassed by Kalshi. The company hired a former Amazon finance executive as its Chief Financial Officer in September and brought in executives from Goldman Sachs, DoorDash, and Robinhood.

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