Meta considered buying Kalshi before developing its own prediction market app
Meta considered acquiring Kalshi, a leading prediction market company, before deciding to develop its own prediction market app called Arena. Meta's app will allow users to make guesses about future events using play money, rather than real money. The development of Arena is part of Meta's efforts to tap into the growing prediction market trend, which has seen significant growth in recent years.
- ▪Meta CEO Mark Zuckerberg proposed buying Kalshi, but the negotiations never advanced.
- ▪Meta's prediction market app, Arena, will use artificial intelligence systems to power questions and determine winners and losers.
- ▪The prediction market industry has seen staggering growth, with monthly volume on Kalshi and Polymarket increasing from $28 billion to nearly $220 billion in just one year.
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Exclusive Technology Meta considered buying Kalshi before developing its own prediction market app June 30, 20264:33 PM ET Bobby Allyn Left: Meta CEO and Chairman Mark Zuckerberg arrives at Los Angeles Superior Court in February. Right: Tarek Mansour, co-founder of Kalshi, at the Semafor World Economy Summit in April. Patrick T. Fallon/AFP and Aaron Schwartz/Bloomberg via Getty Images hide caption toggle caption Patrick T. Fallon/AFP and Aaron Schwartz/Bloomberg via Getty Images Before Meta CEO Mark Zuckerberg directed employees to build a standalone prediction market app, he proposed buying Kalshi, the leading company in the prediction market sector, according to three people with knowledge of the discussions who were not authorized to speak publicly.
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