Polymarket initiated restructuring due to business setbacks, laying off employees and terminating some contractor cooperation
According to Bloomberg, prediction market platform Polymarket recently laid off some employees and terminated cooperation with multiple contractors as part of the company's overall restructuring. Polymarket was once the largest prediction market trading platform, but has been overtaken by main competitor Kalshi in the past two years and has faced multiple legal issues. According to previous reports, founder Shayne Coplan came under pressure from investors to strengthen the company's management, and subsequently brought in multiple senior managers, including hiring former Amazon finance chief Warren Jenson as its first chief financial officer in September, as well as recruiting executives from Goldman Sachs, DoorDash and Robinhood. Polymarket said that as the business expanded and new management joined, the company adjusted its organizational structure, involving personnel recruitment, job adjustments and layoffs, but did not disclose the specific number. Earlier this year, Polymarket launched a US-regulated trading platform in addition to its original blockchain platform.
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