Jordi Vidal | Redferns | Getty Images<\/p>\n
Astronomer CEO\u00a0Andy Byron’s controversy went so viral that it sparked millions of dollars in bets on prediction markets over his resignation.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The tech company announced Bryon’s resignation<\/a> 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.<\/p>\n Zoom In IconArrows pointing outwards<\/p>\n Byron’s resignation comes after Astronomer\u00a0said<\/a>\u00a0Friday that it had launched a “formal investigation” into the matter, and the CEO was placed on administrative leave.<\/p>\n 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.<\/p>\n