Polymarket has trimmed the number of people working for the platform, with more than half of those affected being contractors, according to a person familiar with the matter. The move follows investor pressure on founder Shayne Coplan as rival Kalshi pulls ahead.
What is known about the cuts
The information comes from a person familiar with the matter, not from an official company announcement. Most of those affected are contractors rather than full-time employees.
Investor pressure on Coplan comes against the backdrop of Kalshi's growth in prediction markets.
How Polymarket presents itself
On its official X account, Polymarket describes itself as the world's largest prediction market. The account has 2 million followers and has been active since May 2020.
- Trading categories: politics, news, crypto, sports and more
- Available in the US through polymarket.us
- 121 affiliated accounts listed on X
The race with Kalshi
Kalshi is Polymarket's direct rival in prediction markets and is growing. That growth is the context in which investors put pressure on Coplan.
If you want to compare the two platforms, the Paradigm prediction markets dashboard aggregates raw prediction market data sourced via Allium. The dashboard is for informational purposes only and is not investment advice, according to its own disclaimer.