Key facts
- Polymarket declined to disclose the percentage of its total workforce affected by the cuts.
- More than 50% of the cuts were contractors, a person familiar with the matter told Reuters.
- Polymarket said the reorganization followed growth and new leadership and included new hires and personnel changes.
- Polymarket now trails rival Kalshi in monthly trading volume, after once leading the market.
- Kalshi raised $1 billion late last month at a $40 billion valuation, co-led by Sequoia and Wellington.
- The CFTC is probing whether Polymarket violated a 2022 enforcement deal, Reuters reported last month.
Polymarket has cut jobs and terminated several contractor agreements in a reorganization, the prediction market company confirmed on November 11, 2026, after an internal email about a contractor termination circulated on social media platform X. The company declined to disclose the percentage of its total workforce affected. A person familiar with the matter told Reuters that more than 50% of the cuts were contractors.
The email posted on X told a contractor that Polymarket had decided to end the agreement as part of a company-wide reduction in force, effective November 4, 2026. Polymarket said in an emailed statement that as it grew and brought on new leadership it 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 company named veteran finance executive Warren Jenson as its first chief financial officer in September and brought on former Uber executive Travis VanderZanden as chief growth officer this year. Once the market leader, Polymarket now trails Kalshi in monthly trading volume; Kalshi has benefited from expanded distribution and partnerships, including a deal for the FIFA World Cup.
Kalshi raised $1 billion late last month in a funding round co-led by Sequoia and Wellington at a $40 billion valuation. Polymarket, like Kalshi, has faced government scrutiny over some of its marketing and other practices. The Commodity Futures Trading Commission is probing whether Polymarket violated a 2022 enforcement deal in which it promised to ban US users from its main overseas platform, Reuters reported last month, citing people familiar with the matter. Polymarket is based in New York and has an offshore entity registered in Panama.