Jordi Vidal | Redferns | Getty Images
Astronomer CEO Andy Byron’s controversy went so viral that it sparked millions of dollars in bets on prediction markets over his resignation.
On July 16, Byron was caught on camera hugging his human resources director Kristin Cabot on a kiss cam during a Coldplay concert with the two quickly ducking for cover. The footage suddenly grabbed global attention and attracted significant activity on popular prediction platforms Kalshi and Polymarket.
By the following day, Kalshi was pricing in a probability as high as 65% that Byron would leave as Astronomer CEO this month. On Polymarket, the odds of him resigning rose from about 30% initially to over 80% on Friday.
The tech company announced Bryon’s resignation Saturday afternoon, putting an end to the speculation. The controversy triggered $2.4 million in total trading volumes on Kalshi and $5.3 million on Polymarket, marking one of the most traded cultural events on prediction markets in recent years.
Byron’s resignation comes after Astronomer said Friday that it had launched a “formal investigation” into the matter, and the CEO was placed on administrative leave.
Popularity of prediction platforms soared in the run-up to the 2024 presidential election and they have become a mainstream way to gauge the sentiment of the crowd on varied subjects.
Another popular active bet on Kalshi is whether Federal Reserve Jerome Powell will be out as the chairman this year, which has garnered more than $2 million in trading volumes. President Donald Trump has repeatedly threatened to fire Powell and criticized him for not cutting interest rates.
Read the original article here