Polymarket Trims Staff and Contractors as It Eyes Going Public: Report
Key Takeaways
- Polymarket cut some staff and reduced its contractors, especially in marketing, Front Office Sports said.
- A source called viral claims of a 30% workforce cut inaccurate; Polymarket declined to give numbers.
- Two sources said the shake-up aims to “professionalize” Polymarket before a possible go-public deal.
Contractors Told Their Agreements End Nov. 4
Polymarket underwent layoffs last week, Front Office Sports reported Wednesday, citing four people it spoke to, none of whom were among those let go, and each staying anonymous on the record. Some full-time employees were laid off, though the full scope was not clear, and the company significantly reduced the number of contractors it works with, especially in marketing, according to the report.
An email to contractors, shared in a screenshot on social media on Nov. 4, read: “As part of a company-wide reduction in force, we’ve made the decision to end your contractor agreement with Polymarket effective Nov. 4.” One source told the outlet the screenshot was “not fake” and that the email went only to contractors, not full-time staff.
The same Nov. 4 post claimed Polymarket had fired 30% of its workforce “following the Democratic tsunami” in the midterm elections, and a Nov. 7 post repeated the 30% figure. A source familiar with the matter called those claims inaccurate. Polymarket declined to say how many employees or contractors it has.
“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,” a Polymarket spokesperson said in a statement to the outlet. “We’re grateful to the team that got us here, and we’ll keep growing as we build what’s next.”
Marketing Overhaul After CMO Exit
Marketing has been “heavily reorganized,” one source said to FOS. Polymarket fired Chief Marketing Officer Matthew Modabber in October, according to the report, and replaced him with former Uber executive Travis VanderZanden, whose title is chief growth officer. Adweek, citing the New York Post’s report of the firing, called it the latest in a long string of controversies for the company.
Polymarket’s marketing has drawn scrutiny for months. A Wall Street Journal investigation in June found the company paid creators to stage winning bets on copies of its site, and in October a newsletter reported that Polymarket was paying hundreds of X users to promote its esports accounts while telling them to make posts “look organic.”
‘Professionalize’ Ahead of a Possible Go-Public Deal
Two sources told Front Office Sports the reorganization is meant to “professionalize” Polymarket ahead of a potential go-public deal that could come as soon as 2027. Recent hires include, according to the report, Chief Financial Officer Warren Jenson, a former CFO of Amazon, Electronic Arts, and Delta Air Lines; and Lisa Mantil, who joined from Goldman Sachs to lead institutional growth.
“It’s not like a struggle for cash or something,” one source said. Polymarket told CNBC on Nov. 10 that it has passed $1.8 billion in annualized revenue, according to the report, and a $1 billion funding round led by Donald Trump Jr.’s 1789 Capital is close to completion, a source told the outlet. The round would reportedly value Polymarket at about $21 billion. Bitcoin.com News reported in September on 1789 Capital’s plans to add $300 million to its stake.
The company also faces a revived CFTC inquiry into whether it kept U.S. users off its offshore platform, as reported by Reuters in October.
