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Polymarket says 'we’ll keep growing' after laying off full-time employees, cutting contractors
Polymarket has laid off some full-time employees and cut some contractual roles as part of a reorganization drive.
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Polymarket has laid off some full-time employees and cut some contractual roles as part of a reorganization drive. The prediction market startup confirmed the workforce reduction to HT.com over an email this morning.
Polymarket said that it will keep growing and building even as it confirmed the layoffs. A screenshot informing staff of the layoffs has been circulating online. Polymarket confirmed the authenticity of the email to Bloomberg.
Polymarket on layoffs
"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. We’re grateful to the team that got us here, and we’ll keep growing as we build what’s next,” a Polymarket spokesperson told HT.com.
News of job cuts broke on X
Last week, a screenshot of an email that Polymarket sent to come contractors began to circulate on the social media platform X.
“We're reaching out with difficult news. 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 email read.
Polymarket confirmed the authenticity of the email to Bloomberg.
A screenshot of the email was posted on X with the claim that the prediction market startup had fired 30% of its workforce. However, sources told HT.com that the 30% figure is incorrect.
Polymarket declined to disclose the percentage of its total workforce affected by the layoffs. However, a person familiar with the matter told HT.com that over 50% of those let go were contractors, with the cuts primarily affecting marketing, customer experience and engineering.
Polymarket revamps leadership
Once the market leader, Polymarket now trails Kalshi in monthly trading volume, Reuters reported. The rival prediction market has benefited from expanded distribution and partnerships, including a lucrative deal for the FIFA World Cup.
The New York-based firm has recently brought in several senior executives as founder Shayne Coplan faced pressure from investors to introduce greater discipline in the business, Bloomberg reported last month.
(Also read: Polymarket CEO Shayne Coplan used company money for private jet trips, rent: report)
In September, Polymarket appointed veteran finance executive Warren Jenson, formerly of Amazon, as its first chief financial officer. It also hired former Uber executive Travis VanderZanden as chief growth officer this year. Other recent additions to its leadership team include executives from Goldman Sachs, DoorDash and Robinhood.
