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Prediction market platform Polymarket has laid off employees and terminated contractor agreements as part of a broader restructuring, the company confirmed to FOX Business.
The cuts primarily affected Polymarket’s marketing, customer experience and engineering teams, a person familiar with the matter said.
A Polymarket spokesperson said the company has made personnel changes as it prepares for its next phase of growth.
“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,” the spokesperson said.
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“We’re grateful to the team that got us here, and we’ll keep growing as we build what’s next.”
More than half of those affected were contractors, while some full-time employees were also let go, according to a person familiar with the matter.
Polymarket also disputed reports suggesting that 30% of its workforce had been cut, calling that figure inaccurate. However, the company did not disclose the percentage of its total workforce affected by the cuts.
The restructuring drew attention after an internal email notifying contractors that their agreements were being terminated began circulating on X.
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“As part of a company-wide reduction in force, we’ve made the decision to end your contractor agreement with Polymarket effective November 4, 2026,” the email read, according to Reuters.
The email was sent to contractors, not full-time employees, according to a person familiar with the matter.
The personnel changes come as Polymarket has brought in new executives, including Warren Jenson, who was named the company’s first chief financial officer in September.
Former Uber executive Travis VanderZanden also joined the company as chief growth officer earlier this year.
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The restructuring followed a period in which the company’s new leadership team evaluated staffing needs and how departments should be organized, according to a person familiar with the matter.
The changes also come as Polymarket faces growing competition from rival prediction market platform Kalshi, which has overtaken Polymarket in monthly trading volume, according to Reuters.
