Mark Zuckerberg · Polymarket · Meta · New York · Cointelegraph
Mark Zuckerberg ordered Meta staff to develop moneyless prediction market: NYT
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The Meta CEO reportedly plans for the company to launch a prediction market independent of its other apps allowing users to place wagers using a points system rather than money.
Key facts
- Some of lawmakers’ concerns stemmed from a soldier allegedly making more than $400,000 on a Polymarket event contract related to the capture of Venezuela President Nicolás Maduro, removed by US
- Meta has previously attempted to launch products with potential impacts on the crypto and blockchain industry, including its planned Libra stablecoin in 2019 that was later rebranded to Diem
- Meta reportedly planned to cut 10% of its staff in April amid the company pivoting to artificial intelligence, a move expected to affect about 8,000 people
- While US regulators like the Commodity Futures Trading Commission (CFTC) remain engaged in legal battles with several state authorities over prediction markets, lawmakers are also considering
Summary
Meta CEO Mark Zuckerberg has reportedly directed his staff to create a prediction markets mobile app called “Arena” in what could become a challenge to platforms like Kalshi and Polymarket. According to a Tuesday New York Times report citing two employees with knowledge of the matter, Zuckerberg ordered the development of the prediction markets app that would allow users to place wagers using a points system rather than money. The news outlet said insiders described the effort as experimental but a top priority for the company. Meta has previously attempted to launch products with potential impacts on the crypto and blockchain industry, including its planned Libra stablecoin in 2019 that was later rebranded to Diem and dropped in 2022.