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Prediction market Polymarket cuts jobs amid restructuring to boost future growth.

Market News
12 Nov 2026, 06:16 WIB
Fox Business
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Bearish
Prediction market Polymarket cuts jobs amid restructuring to boost future growth.

Polymarket, a prediction market platform, has laid off employees and ended contractor agreements as part of a company-wide restructuring to prepare for its next growth phase. The cuts mainly affected marketing, customer experience, and engineering teams, with more than half of those impacted being contractors. Polymarket denied claims that 30% of its workforce was cut but did not disclose exact figures. These changes come as Polymarket faces increased competition from rival Kalshi, which has surpassed it in monthly trading volume.

Polymarket's restructuring news comes as a backdrop to a mixed US stock market on Pluang, where 95 of 150 stocks rose and 55 fell today. Notable movers include Zoom Video Communications (ZM) with a price of USD 98.41 and a 1-day change of +8.25%, Marvell Technology (MRVL) at USD 166.54 with +7.87%, and IQIYI Inc (IQ) at USD 0.94 with +6.55%. This data is current as of Nov 12, 2026, 09:31 WIB.

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