Polymarket Founder Is Youngest Self-Made Billionaire After Deal With NYSE Owner

Shayne Coplan, a 27-year-old NYU dropout who founded Polymarket from his bathroom in 2020, has become the youngest self-made billionaire after Intercontinental Exchange (owner of the NYSE) invested up to $2 billion in his once-controversial prediction market platform. Bloomberg reports: A couple of years after dropping out of New York University with dreams of making it big in crypto, Shayne Coplan was so broke that he took an inventory of his Lower East Side apartment so that he could sell belongings to make rent. Fed up with crypto grifts, in 2019 he started to explore economist Robin Hanson's ideas on prediction markets and their potential for improving society's ability to identify likely outcomes. 'This is too good of an idea to just exist in whitepapers,' he recalled thinking in a later post on X. Then Covid struck -- the perfect time to develop an app for stuck-at-home folks to bet on real-world outcomes, he reasoned. He began building Polymarket from his bathroom and launched the platform in June 2020.

It wasn't a smooth road. The company's move-fast, ask-permission-later approach repeatedly ran afoul of regulators, who forced it to ban US-based users for years because it wasn't a registered exchange. A week after the 2024 presidential election -- one that Polymarket users wagered more than $3 billion on -- Coplan's apartment was raided by FBI agents. But he and his company are now riding high after Intercontinental Exchange Inc., the owner of the New York Stock Exchange, said it would invest as much as $2 billion in Polymarket at an $8 billion pre-money valuation. That deal makes its 27-year-old founder the youngest self-made billionaire tracked by the Bloomberg Billionaires Index.

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