# Polymarket Cuts Staff as Kalshi Pulls Ahead

*Author: David Christopher*
*Published: Nov 12, 2026*
*Source: https://www.bankless.com/read/news/polymarket-cuts-staff-as-kalshi-pulls-ahead*

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Polymarket confirmed it has laid off employees and ended contractor agreements, [telling Reuters](https://www.investing.com/news/stock-market-news/polymarket-cuts-jobs-contracts-as-prediction-market-competition-heats-up-5020060) that a viral email ending contractor deals "as part of a company-wide reduction in force," effective Nov. 4, was genuine. 

## What's the Scoop?

- **What We Know:** Polymarket won't say how many people were cut, but disputes viral posts claiming 30% of staff. More than half were contractors, mostly in marketing, customer experience and engineering, according to sources. 

- **The Gap:** Kalshi processed ~$17.7B in volume over the past 30 days vs. ~$5.9B for Polymarket, per [DefiLlama](https://defillama.com/protocol/kalshi); in October, it was $16.6B to $6.0B. Investors have pressed founder Shayne Coplan to run a tighter business, CoinDesk [reported](https://www.coindesk.com/business/2026/11/12/polymarket-trims-workforce-under-investor-pressure-as-kalshi-surges-ahead), citing Bloomberg. 

- **New Guard:** Polymarket named ex-Amazon finance chief Warren Jenson its first CFO in September and ex-Uber executive Travis VanderZanden chief growth officer, after firing CMO Matthew Modabber in October. Two sources told FOS the push to "professionalize" comes ahead of a possible go-public deal as soon as 2027, though Polymarket hasn't confirmed one.
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