Astronomer CEO's ‘kiss cam’ controversy sparked over $7 million in prediction markets bets on his ouster

Astronomer CEO Andy Byron's contention went truthful viral that it sparked millions of dollars successful bets connected prediction markets implicit his resignation.

On July 16, Bryon was caught connected camera hugging his quality resources manager Kristin Cabot connected a buss cam during a Coldplay performance with the 2 rapidly ducking for cover. The footage abruptly grabbed planetary attraction and attracted important enactment connected fashionable prediction platforms Kalshi and Polymarket.

By the pursuing day, Kalshi was pricing successful a probability arsenic precocious arsenic 65% that Byron would permission arsenic Astronomer CEO this month. On Polymarket, the likelihood of him resigning roseate from astir 30% initially to implicit 80% connected Friday.

The tech institution announced Bryon's resignation Saturday afternoon, putting an extremity to the speculation. The contention triggered $2.4 cardinal successful full trading volumes connected Kalshi and $5.3 cardinal connected Polymarket, marking 1 of the astir traded taste events connected prediction markets successful caller years.

Byron's resignation comes aft Astronomer said Friday that it had launched a "formal investigation" into the matter, and the CEO was placed connected administrative leave.

Popularity of prediction platforms soared successful the run-up to the 2024 statesmanlike predetermination and they person go a mainstream mode to gauge the sentiment of the assemblage connected varied subjects.

Another fashionable progressive stake connected Kalshi is whether Federal Reserve Jerome Powell volition beryllium retired arsenic the president this year, which has garnered much than $2 cardinal successful trading volumes. President Donald Trump has repeatedly threatened to occurrence Powell and criticized him for not cutting involvement rates.