Polymarket layoffs have hit full-time staff and contractors in a company-wide reorganisation, the prediction market confirmed on 11 November 2026. More than half of the roles cut were held by contractors, Reuters reported, citing a person familiar with the matter.
The cuts became public after an internal email to contractors circulated on X. The company confirmed the email was genuine. It told contractors their agreements would end effective 4 November, as part of what it called “a company-wide reduction in force”.
Polymarket layoffs and the 30% figure
Some full-time employees were also let go, with the cuts falling mainly on marketing, customer experience and engineering, Fox Business reported. Polymarket declined to say what share of its total workforce was affected.
The company called reports that about 30% of its staff had been cut inaccurate. It gave no figure of its own.
“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 in a statement. “We’re grateful to the team that got us here, and we’ll keep growing as we build what’s next.”
New executives
The reorganisation follows two senior hires. Warren Jenson, a former Amazon finance executive, became Polymarket’s first chief financial officer in September. Travis VanderZanden, a former Uber executive, joined as chief growth officer earlier in 2026, according to Reuters.
Kalshi pulls ahead
Polymarket now trails Kalshi in monthly trading volume, according to Reuters. Kalshi raised $1bn in a funding round co-led by Sequoia and Wellington in late October, at a $40bn valuation, and has added distribution deals including one tied to the FIFA World Cup. Both platforms were named in the NBA’s prediction markets deal in October.
Polymarket also faces a Commodity Futures Trading Commission (CFTC) inquiry into whether it breached a 2022 enforcement settlement that barred US users from its offshore platform, which is registered in Panama, Reuters reported. In Europe, the company is appealing a €420,000 penalty from the Dutch regulator KSA.
Source: Polymarket
