Polymarket cuts jobs as Kalshi overtakes it in volume
Polymarket confirmed a “company-wide reduction in force” email but would not disclose how many staff were affected.
The hit
Polymarket has cut jobs & ended contractor agreements as rival Kalshi overtakes it in monthly trading volume, according to Bloomberg & DeFiLlama data. The firm confirmed a “company-wide reduction in force” email circulating on X but would not say how many were affected. More than half of those cut were contractors, a source told Reuters.
Why it matters
The cuts follow investor pressure on founder Shayne Coplan to bring more discipline to the business, according to Bloomberg. Both Polymarket & Kalshi are seeking to draw more users to prediction markets.
The record
| CFO hire | Warren Jenson, ex-Amazon finance chief, named Polymarket’s first CFO in September |
|---|---|
| Leadership exit | Marketing chief Matthew Modabber reportedly dismissed in October after an internal probe into alleged misconduct |
| Company response | Polymarket did not immediately respond to CoinDesk’s request for comment |
What happens next
Watch for Polymarket to disclose headcount numbers or further leadership changes, & for DeFiLlama volume data to show whether Kalshi’s lead widens or narrows.
Sources: Polymarket trims workforce under investor pressure as Kalshi surges ahead
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