Polymarket Cuts Staff and Ends Some Contractor Contracts in Restructuring Move

TechFlow reported on November 12, citing Bloomberg, that Polymarket has cut staff and ended partnerships with some contractors as part of a broader effort to recover from a series of missteps that left it behind major competitors. A screenshot of an internal email that circulated on social platform X last week said some contractors would be let go as part of a company-wide layoff this month; the company confirmed the email was authentic. The New York-based company has recently made several senior hires, as founder Shayne Coplan faces pressure from investors to bring more discipline to the business.

The company said in an emailed statement on Wednesday: "As we grow and bring in new leadership, we have restructured to prepare the company for its next stage of growth, which means a significant number of new hires, personnel changes, and letting some people go." The company declined to provide specific figures on the workforce changes.

Source: TechFlow