Polymarket has laid off some full-time staff and significantly reduced its contractor base, particularly in its marketing department, according to reporting from Front Office Sports. The reorganization comes as the prediction market platform prepares for potential growth, including a possible initial public offering.
Contractors received termination notices effective November 4, with an email stating the decision was part of a company-wide reduction in force. While the exact scope of layoffs remains unclear, a source disputed viral social media claims that the company cut 30% of its workforce. Polymarket declined to disclose specific employee or contractor numbers.
A Polymarket spokesperson said in a statement: "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."
Executive Shuffling and Marketing Overhaul
The reorganization follows significant changes in Polymarket's leadership structure. Chief Marketing Officer Matthew Modabber was fired in October and replaced by Travis VanderZanden, a former Uber executive now serving as chief growth officer.
Two sources told Front Office Sports the restructuring aims to "professionalize" the company before a potential public offering. Recent executive hires include Warren Jenson, former CFO of Amazon, Electronic Arts, and Delta Air Lines, and Lisa Mantil, recruited from Goldman Sachs to lead institutional growth.
Growth and Funding
Polymarket has reported passing $1.8 billion in annualized revenue. A $1 billion funding round led by 1789 Capital is reportedly close to completion, which would value the company at approximately $21 billion, according to sources.
Two sources indicated the potential IPO could occur as soon as 2027.
Regulatory Scrutiny
The company faces a revived inquiry from the Commodity Futures Trading Commission regarding whether it kept U.S. users off its offshore platform.
