727 FinancePANews October 20 news, according to Bloomberg, in 2025, when Founders Fund considered investing in prediction market startup Polymarket, it found that the company's CEO Shayne Coplan had used company funds to pay for private jet trips, personal apartment rent, and other personal expenses. At the time, Polymarket had not yet generated any revenue. People familiar with the matter revealed that before finalizing the investment, Founders Fund explicitly required Coplan to implement the company remediation measures then underway: improve financial control mechanisms and return the misappropriated funds to the company.
Bloomberg: Founders Fund considered investing in Polymarket before discovering its CEO misappropriated company funds.
Related news
Financing Weekly | Kalshi completes $1 billion Series G funding, led by Sequoia Capital and Wellington Management.
Kalshi completed a $1 billion Series G funding round, reaching a post-money valuation of $40 billion, nearly double its $22 billion valuation in May this year;...