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Polymarket CEO Shayne Coplan used company funds for personal housing costs and private jet travel, then repaid the expenses at an investor’s request, Bloomberg reported. Founders Fund identified the spending during its 2025 investment review and demanded reimbursement as well as improvements to financial controls. After Coplan repaid the money, Polymarket secured an investment at a $1.2 billion valuation.
Polymarket said the private jet was used for business purposes and said Coplan had voluntarily disclosed the related spending to investors. Bloomberg also reported Coplan has personally received management advice from Ethereum co-founder Vitalik Buterin and Uber co-founder Travis Kalanick. More recently, Polymarket has lagged rival Kalshi in trading volume while facing technical outages and regulatory scrutiny.