On Thursday, the valuation of the design tool creator Figma saw a stunning and significant rise of more than 250% to close at over $117 per share. This increase followed the successful fundraising of the company, which was more than $1.2 billion through its IPO (initial public offering), therefore exceeding the Figma’s stock predicted range of $30 to $32 given in SEC documents earlier this week. Dylan Field, the 33-year-old CEO
Field, a former Thiel Fellow, started working on the project with his Brown University friend Evan Wallace in 2012 to create Figma. In 2015, the firm debuted a closed beta release of its offering. Through its web browsers, Figma intends to offer users a complete set of design tools that are accessible to them. Nevertheless, UK authorities have stopped Adobe’s bid to buy Figma’s stock, citing worries that such a merger would give the design software industry too much market dominance and stifle competition.
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Still in charge of 99% of Class B shares is Field, along with his co-founder Evan Wallace, who left the firm in 2021. These Figma’s stocks have fifteen times the voting strength of Class A shares. Holding nearly 74% of the total voting rights lets the founders have a hold and keep considerable control over the business.
