Polymarket’s Homecoming Is Shaky and its U.S. CEO Is AWOL

Executives are leaving and the customer waiting list is growing for Polymarket’s revived U.S. business.

Polymarket's Situation Room pop-up in Washington in March. Alex Kent/The Washington Post/Getty Images.

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Four years after its was exiled from the U.S., Polymarket was desperate to get back into the country. To make that happen, the prediction market bought a derivative and futures exchange that had just gotten a U.S. license and retained its chief executive, Justin Hertzberg, to run Polymarket U.S.

Hertzberg appears to be CEO in name only. His main job for Polymarket appears to be signing U.S. regulatory documents. The company’s U.S. business has struggled, falling behind that of its archrival, Kalshi.