TLDR
- Polymarket confirmed layoffs of some full-time staff and many contractors, mostly in marketing.
- A source called viral claims of a 30% workforce cut inaccurate.
- New hires include former Amazon CFO Warren Jenson and Goldman Sachs veteran Lisa Mantil.
- Polymarket says its yearly revenue pace now tops $1.8 billion.
- A $1 billion funding round could value the company at about $21 billion.
Polymarket has laid off some full-time employees and ended work with many contractors, the company confirmed. The prediction market says the changes are part of a reorganization as it brings in new leaders and considers going public as soon as 2027.
Two sources told Front Office Sports the goal is to “professionalize” the business before a possible listing. The company has added several senior executives in recent months.
Polymarket did not say how many people lost their jobs. It also declined to share its total number of employees and contractors.
On November 11, the company confirmed that a screenshot of an internal email shared on X was real. The email ended a contractor agreement effective November 4 as part of a “company-wide reduction in force.”
A source said the email went only to contractors, not full-time staff. More than half of those let go were contractors, a person familiar with the cuts told Reuters.
Posts on social media claimed Polymarket cut 30% of its workforce after the midterm elections. A source familiar with the matter called those claims inaccurate.
New Leaders Arrive as Marketing Is Rebuilt
Polymarket named former Amazon CFO Warren Jenson as its first finance chief in September. Jenson has also served as CFO at Electronic Arts and Delta Air Lines.
The company hired Lisa Mantil from Goldman Sachs to attract more large financial firms. Former Meta executive Malea Otranto joined to lead trust and safety.
Marketing saw the biggest changes. Chief Marketing Officer Matthew Modabber, a longtime friend of CEO Shayne Coplan, was fired in October after an internal investigation.
His team was accused of building a fake copy of the Polymarket website. Paid influencers allegedly used it to record videos of trades that never happened.
Coplan first opposed the firing, but the board reportedly believed Modabber could hurt plans to go public. Former Uber executive Travis VanderZanden now leads marketing as chief growth officer.
“As we’ve grown and brought on new leadership, we’ve reorganized to set the company up for its next phase of growth,” a Polymarket spokesperson said. The spokesperson added that this meant new hires, personnel changes and letting some people go.
Revenue Climbs as Kalshi Pulls Ahead
The cuts do not appear tied to money problems. “It’s not like a struggle for cash or something,” one source said.
Polymarket told CNBC on November 10 that its yearly revenue pace topped $1.8 billion, up from over $1 billion in June. Most of that growth came from its regulated US platform, which reopened in December 2025.
The company is also close to finishing a $1 billion funding round led by Donald Trump Jr.’s 1789 Capital. The deal would value Polymarket at about $21 billion, sources said.
Intercontinental Exchange, owner of the New York Stock Exchange, has invested more than $1.6 billion in Polymarket. It owns about 14% of the company, according to an SEC filing.
Rival Kalshi handled 73% of prediction market trading in the third quarter, compared with about 18% for Polymarket. Kalshi raised $1 billion in late October at a $40 billion valuation.
Polymarket also faces a revived CFTC inquiry. Regulators are examining whether it broke a 2022 agreement to keep US users off its offshore platform, Reuters reported.
