Polymarket Cuts Staff and Ends Contractor Agreements Amid…
By Karthik Subramanian
AI summary of the source article
Prediction market platform Polymarket has laid off staff and terminated contractor agreements amid an organizational restructuring. The workforce reduction follows rival Kalshi overtaking Polymarket in monthly trading volume, despite Polymarket's annualized revenue surpassing $1.8 billion in November.
Why it matters
The company described the personnel changes as "part of preparations for its next expansion phase"
Key facts
- Polymarket cut staff and ended contractor agreements as part of a company-wide restructuring.
- Rival platform Kalshi has overtaken Polymarket in monthly trading volume.
- Polymarket reported annualized revenue exceeding $1.8 billion in November, up from more than $1 billion in June.
Source excerpt · FinanceFeeds
The prediction market platform confirms layoffs following leadership changes and the loss of its trading-volume lead to Kalshi, despite reporting more than $1.8 billion in annualized revenue. Prediction market platform Polymarket has laid off employees and terminated several contractor agreements as part of a broader organizational restructuring, following competitive setbacks and growing pressure…