One of the dumbest parts of the contemporary economy is that people can make millions even though their company doesn’t actually make money. For example, Snapchat has around a billion monthly users. Despite this, it lost around $700 million in 2024. Still, its CEO, Evan Spiegel, has been a billionaire since 2015.

This arrangement has always been a bit ridiculous, but in recent years, the absurdity has been cranked up to 11. For example, a recent 60 Minutes profile detailed the goings-on of Polymarket, a “prediction market” that allows people to, effectively, bet on everyday events.

Even though it has one of the most “should make money” business models in history, somehow, the platform has not turned a profit. However, its evaluation is now $9 billion, for some reason, and its CEO is now a billionaire.

Heck, if you want to pay someone a billion dollars for losing money, I can happily do that — I lose money all the time!

Polymarket CEO Shayne Coplan is now a billionaire. At least on paper. The platform still hasn’t turned a profit, but its valuation has reached $9 billion. https://t.co/2LabByU7bdpic.twitter.com/VavDJw8Gf7

— 60 Minutes (@60Minutes) December 1, 2025