Polymarket Ousts Chief Marketing Officer Matthew Modabber After Internal Probe

Polymarket has fired chief marketing officer Matthew Modabber, who had held the role since January 2024, after an internal probe into a fake webpage scheme that promoted staged trading videos, the New York Post reported. The board concluded Modabber was hindering the company's IPO bid.

Why Polymarket Removed Its Marketing Chief

The probe began earlier this year and followed a June expose by the Wall Street Journal, which triggered an investigation by the Commodity Futures Trading Commission. That investigation is ongoing and no wrongdoing has been established. Polymarket told the Journal at the time it was "committed to maintaining accurate, fair, and transparent markets," adding that it planned a comprehensive audit of active promotional content.

One insider said Polymarket is finalizing Modabber's separation agreement and that both parties have maintained mutual respect. A Polymarket spokeswoman declined to comment, and Modabber did not respond to the Post's request for comment. Modabber was a close confidante of 28-year-old CEO Shayne Coplan; the two were friends at the Beacon School in Manhattan. One source said Coplan was "irate" and threatened to terminate members of the legal team that pushed for the firing, though he later conceded the parting was best for the company.

According to his LinkedIn page, Modabber was employee number 11 at Polymarket and built and led a team of more than 50 people across marketing, partnerships and growth. In August, Polymarket restructured its marketing team, bringing on the founder of the e-scooter startup Bird to head the division, which one insider described as a demotion for Modabber.

Polymarket's Funding and Valuation Records

Polymarket's funding records on company records list 13 funding rounds, including a $400 million Series E in April 2026 led by D. E. Shaw & Co. and G Squared, and a $600 million Series E in March 2026 led by Intercontinental Exchange. The same records put total funding at $4.9 billion and the valuation estimate at $10 billion to $25 billion.

Earlier Polymarket Developments

In June 2026, Polymarket acquired Craft Agents and brought in former CEO Balint Orosz as VP of Product Engineering to build AI-agent trading capabilities, according to akta.pro company records. In March 2026, it acquired Brahma, a DeFi infrastructure provider that had processed over $1 billion in transactions. In February 2026, it acquired Dome, a Y Combinator-backed unified prediction-market API startup.

What Comes Next for Polymarket

Polymarket's board consists of Coplan, crypto investor Nick Tomaino, corporate lawyer Alex Spiro and an unidentified partner at Peter Thiel's investment firm Founders Fund, according to the Post. The company is finalizing Modabber's separation agreement.