00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Polymarket has cut jobs and terminated contractor agreements in a reorganization
00:07as it seeks to compete with rival Kalshi, according to Reuters.
00:11Polymarket confirmed the cuts Wednesday, but did not disclose how many workers were affected.
00:17Contractors accounted for more than 50% of the cuts, according to a person familiar with the
00:22matter. Polymarket previously led the prediction market industry, but now trails Kalshi in monthly
00:27trading volume. The company has made several leadership changes, including appointing Warren
00:32Jensen as its first chief financial officer in September. Polymarket also faces a Commodity
00:38Futures Trading Commission investigation into whether it violated a 2022 enforcement agreement
00:43restricting U.S. users from its overseas platform. The prediction platform is based in New York,
00:49with an offshore entity registered in Panama. For all things money, visit Benzinga.com.
Comments