Mark Zuckerberg ordered Meta staff to develop moneyless prediction market: NYT
Summary
Meta CEO Mark Zuckerberg has reportedly ordered development of a prediction markets app called “Arena,” according to a New York Times report citing employees familiar with the effort. The app would let users make wagers with a points system instead of money and would operate separately from Facebook and Instagram. The project is described internally as experimental but a top priority and could compete with Kalshi and Polymarket. Meta’s scale could give it an advantage, with its apps reaching 3.56 billion daily users as of March. The move follows Meta’s earlier crypto-related efforts, including Libra/Diem, and comes as prediction markets face growing U.S. regulatory and legislative scrutiny over issues like insider trading.
