Polymarket has laid off employees and contractors as the prediction market operator reorganizes its business and management structure. The New York-based company confirmed the cuts after an internal email detailing the changes circulated on X last week.
The email described the departures as a “company-wide reduction in force” taking place this month. However, Polymarket has not disclosed how many workers will be affected.
Polymarket Reshuffles Management Amid Competition
The company said rapid expansion and new leadership appointments had prompted changes in its workforce as it prepares for its next growth phase.
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In September, Polymarket appointed former Amazon finance executive Warren Jenson as its first chief financial officer. Other recent hires have come from Goldman Sachs, DoorDash and Robinhood.
The restructuring comes as Polymarket faces growing competition from Kalshi. The rival platform has gained ground as both companies compete for users in the prediction market sector.
Revenue Growth Continues Despite Job Cuts
Despite the layoffs, Polymarket’s business continues to expand. Its annualized revenue recently surpassed $1.8 billion, according to reports on November 10.
That marked an increase from June, when its revenue run rate exceeded $1 billion. Much of the growth came from its U.S.-regulated exchange, which operates separately from its international blockchain-based platform.
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