Polymarket CEO Asserts Platform’s Non-Partisan Stance

Shayne Coplan, founder and CEO of Polymarket, has emphasized the “strict non-partisanship” of the decentralized prediction platform amidst the upcoming U.S. presidential elections.

Given the latest New York Times article on Polymarket, this seems like a good time to make clear:

• Polymarket is strictly non-partisan. We get told we’re Dem operatives and MAGA, depending on the day. Unfortunately the story is much less juicy, we’re just market nerds who… pic.twitter.com/jz87JiO6AH

— Shayne Coplan (@shayne_coplan) October 25, 2024

“Given the latest New York Times article on Polymarket, this seems like a good time to make clear: Polymarket is strictly non-partisan. We get told we’re Dem operatives and MAGA depending on the day. Unfortunately, the story is much less juicy, we’re just market nerds who believe prediction markets provide the public with a much-needed alternative data source,” he wrote.

The Polymarket CEO also described the platform as a “reality check” in an era where algorithms feed audiences an endless stream of opinions based on their existing beliefs, pushing them further into an echo chamber.

“Polymarket is not about politics. […] Since launch, the goal has been to harness the power of free markets to demystify real events that matter most to you. In this U.S. election cycle, we’ve been thrust into the spotlight as people grow tired of dealing with personalized news feeds, pundits, and polls that don’t reflect reality,” Coplan explained.

According to him, the platform’s growing popularity correlates with its accurate prediction of the incumbent U.S. President Joe Biden dropping out of the race. The Polymarket CEO expressed hope that politics will help society recognize the value of market predictions.

“It’s crazy that I have to say this, but it’s time to put an end to the narrative about [billionaire Peter] Thiel’s control. He has no direct contact or control over the company. Founders Fund, one of the most active venture funds and one of our more than 50 investors, holds a minority stake in the company without a seat/control on the board. And the partner who made the deal with Polymarket isn’t even Thiel. His politics have nothing to do with Polymarket’s operations — end of story,” Coplan noted.

He also highlighted the platform’s transparency and peer-to-peer nature as advantages.

In September, media reported Polymarket’s intention to raise $50 million and consider a token issuance. In May, the platform closed two funding rounds totaling $70 million.

According to Layerhub’s assessment, only 13.6% of Polymarket users have made a profit, with most earning less than $100. In absolute terms, this accounts for 24,565 wallets.