Polymarket cuts staff and contractors amid restructuring as Kalshi pulls ahead
Prediction market Polymarket has laid off staff and terminated contractor agreements following investor pressure and a shift in market share toward rival Kalshi.
Polymarket has laid off employees and severed ties with numerous contractors as part of an organizational restructuring, according to Bloomberg and reporting confirmed to Fox Business. The cutbacks predominantly targeted roles across marketing, customer experience, and engineering. A source told Reuters that contractors accounted for more than half of those affected, with agreements ending effective November 4, 2026. While Polymarket confirmed that an internal termination notice leaked on social platform X was authentic, the company rejected circulating claims that the reductions impacted 30% of its workforce.[2][3][1][4][6]
The operational shakeup follows investor pressure on founder Shayne Coplan to bring stricter management discipline to the business after Polymarket lost its market-leading position to competitor Kalshi. According to Bankless, Kalshi recently generated roughly three times Polymarket's trading volume over a 30-day period. Polymarket stated that the reorganization followed the arrival of new leadership to position the platform for future expansion. The company appointed former Amazon finance executive Warren Jenson as its first chief financial officer in September and has brought on senior hires from Goldman Sachs, DoorDash, and Robinhood.[3][1][4][5][6]
Key facts
- Polymarket laid off employees and terminated agreements with several contractors as part of a company restructuring.
- More than half of the individuals affected were contractors, whose engagements ended effective November 4, 2026.
- The workforce reductions fell mostly on engineering, customer experience, and marketing teams.
- Polymarket verified the authenticity of a leaked reduction-in-force email but rejected claims that the cuts affected 30% of its workforce.
- The changes followed investor pressure on founder Shayne Coplan after rival Kalshi surpassed Polymarket in market share, logging about three times Polymarket's trading volume over the prior 30 days.
- Polymarket recently added senior executives from Amazon, Goldman Sachs, DoorDash, and Robinhood, including appointing Warren Jenson as its first CFO in September.
Sources · 6 sources
- CO
CoindeskArticle ·
Polymarket trims workforce under investor pressure as Kalshi surges ahead More than half of those affected were contractors, a source told Reuters. The cuts follow investor pressure on founder Shayne Coplan.
Open source - BL
Bloomberg@businessPost on X ·
Polymarket has laid off staff and severed ties with a number of contractors as part of a broader effort to recover from several stumbles that have left it lagging its main rival https://t.co/y3R3ZIdB1T
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Polymarket Restructures After Business Setbacks, Cuts Staff and Ends Contractor Agreements According to Bloomberg, Polymarket has laid off employees and ended contracts with several contractors as part of a broader restructuring. The move comes after the prediction market platform lost its market-leading position to rival Kalshi and faced investor pressure to improve management. Polymarket said the reorganization followed the appointment of new leadership and involved additional hiring, personnel changes and layoffs, but declined to disclose specific figures. The company has recently recruited senior executives from Amazon, Goldman Sachs, DoorDash and Robinhood.
Open source - UN
UnchainedArticle ·
Polymarket Says Viral Contractor-Cut Email Is Real, Won’t Say How Many Jobs Went Polymarket on Nov. 11 reportedly confirmed that the termination email circulating on X since Nov. 4 was authentic. The prediction market said it had let go of contractors and some full-time staff, but rejected online claims about the scale in a reported statement to FOX Business. The email, which was posted on X on Nov. 4, told recipients that “as part of a company-wide reduction in force, we’ve made the decision to end your contractor engagement with Polymarket effective Wednesday, November 4, 2026.” The poster said the cuts impacted 30% of the workforce. Polymarket in a reported statement to FOX Business rejected that number but declined to give a figure. Polymarket did not immediately respond to a request for comment from Unchained. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Contractors Took Most of the Cuts Contractors made up the majority of those cut, and the email went only to contractors, FOX Business reported, citing a person familiar with the matter. The cuts fell mostly on marketing, customer experience and engineering , after Polymarket’s incoming executives took stock of headcount and team structure, FOX Business reported. “As we’ve grown and brought on new leadership, we’ve reorganized to set the company up for its next phase of growth, which has meant a lot of new hires, changes in personnel and letting some people go,” Polymarket reportedly said in a statement. A spokesperson reportedly added that the company was “grateful to the team that got us here.” New Executives Behind the Reorganization The reorganization follows a run of senior hires. Warren Jenson , who previously ran finance at Amazon, joined in September as Polymarket’s first chief financial officer. Travis VanderZanden , previously an Uber executive, has been chief growth officer since earlier this year. Bloomberg reported other recent arrivals from Goldman Sachs, DoorDash and Robinhood, and has reported that investors pushed founder Shayne Coplan to run the company with more discipline. Related Listen: Strategy Sold Bitcoin. Polymarket Can’t Agree on When The post Polymarket Says Viral Contractor-Cut Email Is Real, Won’t Say How Many Jobs Went appeared first on Unchained .
Open source - BA
BanklessArticle ·
Polymarket Cuts Staff as Kalshi Pulls Ahead The prediction market says it's reorganizing under new leadership, while Kalshi has done roughly three times its trading volume over the past 30 days.
Open source - LS
Laura Shin@laurashinPost on X ·
Polymarket’s cuts reportedly mostly hit contractors, whose engagements ended Nov. 4, with some full-time staff also out. They come two months after Warren Jenson, who used to run finance at Amazon, became Polymarket’s first CFO. https://t.co/rH6jcL7hSS
Open source