Prediction market platform Polymarket, which allows users to trade on the outcomes of real-world events, has laid off employees and terminated contractor agreements as part of a broader corporate restructuring, the company confirmed to FOX Business.

The cuts primarily affected Polymarket's marketing, customer experience and engineering teams, according to a person familiar with the matter.

A Polymarket spokesperson said the company made the personnel changes as it prepares for its next phase of growth.

"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," the spokesperson said. "We're grateful to the team that got us here, and we'll keep growing as we build what's next."

More than half of those affected were contractors, while some full-time employees were also let go, according to a person familiar with the matter.

Polymarket disputed reports suggesting that 30% of its workforce had been cut, calling that figure inaccurate. The company did not, however, disclose what share of its total workforce was affected by the layoffs and contractor terminations, leaving the overall scale of the reduction difficult to gauge from outside the company.

The restructuring drew public attention after an internal email notifying contractors that their agreements were being terminated began circulating on X, giving the public its most concrete look at a reduction the company had otherwise described only in broad terms.

"As part of a company-wide reduction in force, we've made the decision to end your contractor agreement with Polymarket effective November 4, 2026," the email read, according to Reuters. The message was sent to contractors rather than full-time employees, according to a person familiar with the matter.

The personnel changes come as Polymarket has brought in new senior executives. Warren Jenson was named the company's first chief financial officer in September, while former Uber executive Travis VanderZanden joined as chief growth officer earlier this year.

According to a person familiar with the matter, the restructuring followed a period in which the company's new leadership team evaluated staffing needs and how its departments should be organized.

The overhaul also comes as Polymarket faces growing competition from rival prediction market platform Kalshi, which has overtaken Polymarket in monthly trading volume, according to Reuters. How the reorganized teams factor into that competition remains to be seen; for now, the company's public message centers on the growth it says lies ahead.