I've talked to the Polymarket team many times, both as a KOL and as a builder/trader in the ecosystem and honestly, it's funny to see all this FUD that haters are trying so hard to push
If you're an active user you probably remember
@shayne_coplan or
@MatthewModabber sliding into traders and KOLs DMs, asking for feedback, connecting with ppls and just genuinely wanting to chat
This was literally not that long ago and Shayne was already a billionaire at the time
I genuinely can't think of another billionaire who would PERSONALLY REACH OUT FIRST to regular users just to talk to them
That says a lot about him.
I've been watching the platform evolve and seeing all the updates they've shipped over the past year
Honestly, we're growing at an INSANE pace
You can love or hate
@Polymarket but I genuinely believe they're leading the prediction market industry and driving mass adoption.
Yes, I agree that the team sometimes makes mistakes and some of them can look pretty cringe
But they fix them and more importantly IT'S NOT THAT BIG OF A DEAL
C'mon guys, we're talking about one of the fastest-growing startups out there, a company that has grown massively in just one year
Of course people are gonna make mistakes along the way. That's completely normal
Just give them more time. They're already doing an incredible amount of work
At the end of the day all this FUD is just another stress test
And I believe Polymarket will come out of it even stronger
This is total nonsense.
We're one of the largest early investors in Polymarket, and this story that Shayne was "caught red-handed" using company money is just a flat out garbage hit piece.
Shayne wasn't taking a salary. He was 21 when he started Polymarket, he was living hand-to-mouth running the company out of his apartment, barely making ends meet when he was raising his seed round. We were his first term sheet and literally offered to loan him money personally, but he ended up not needing it when the seed round came together.
After COVID and the crazy Biden-era crackdown on crypto that was happening at the time, there was a lot of chaos in almost every company in the industry. As an investor, we saw a lot of companies go through pandemic-era startup craziness, and Polymarket was no exception.
But Shayne disclosed every dollar he spent, which turned out to annualize to about a software engineer's salary. That's including the flights, none of which were personal flights. Plus, SHAYNE STARTED the accounting and payback process, no one “found” it. In aggregate, it was nothing that an investor would balk at. He paid it back to the company in full, and then got on a normal salary like everyone else.
It was an accounting problem, not an integrity problem. It was not a big deal.
Polymarket has had growing pains, no doubt. It went from a small fledging startups to one of the most explosive consumer brands in America. But Shayne has leveled up alongside the company, and as investors we have total confidence in him.
Enough of this stupid FUD.
The end.
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