Polymarket conducts layoffs and terminates some contractor contracts to restructure.

on November 12, according to Bloomberg, Polymarket has laid off employees and ended contracts with some contractors as part of a broader effort to recover from multiple missteps that have left it trailing major competitors. A screenshot of an internal company email that circulated last week on the social media platform X stated that some contractors would be terminated as part of this month's "company-wide layoffs," a detail the company confirmed as authentic. The New York-headquartered firm recently made several senior hires, following pressure from investors who demanded that founder Shayne Coplan bring greater discipline to the business.

In an emailed statement on Wednesday, the company said: “As we grow and bring on new leadership, we have restructured to prepare the company for the next phase of growth, which involves significant new hiring, personnel changes, and some individuals leaving.” The company declined to provide specific figures for the staffing adjustments.