Overview
- Polymarket acknowledged a company-wide reorganization that included layoffs and the termination of many contractor agreements, and it confirmed the authenticity of an internal contractor-notification email that circulated online.
- More than half of the workforce reductions reportedly affected contractors, a person familiar with the matter told Reuters, while Polymarket disputed a widely circulated 30% cut figure and did not disclose the total percentage affected.
- People familiar with the situation said the cuts hit marketing, customer experience and engineering teams, and the company described the changes as part of preparing for its next phase of growth after recent senior hires.
- Polymarket’s reshaping follows intensifying competition from Kalshi, which has overtaken Polymarket in monthly trading volume and recently raised a large funding round and closed distribution deals that expanded its reach.
- The restructuring comes as Polymarket faces regulatory risk from an ongoing CFTC probe into whether it breached a 2022 enforcement agreement, a development that could influence the company’s product access, partnerships and compliance steps.