Figma IPO Surges 250% Valuing VC Stakes at $24 Billion

Figma's initial public offering (IPO) was a remarkable success, with its shares soaring 250% on the first day, valuing the company at nearly $68 billion, far surpassing the previously proposed $20 billion acquisition by Adobe that was blocked by U.K. regulators. CEO and co-founder Dylan Field's stake is now worth over $6 billion, and fellow co-founder Evan Wallace holds shares valued at $3.1 billion. The IPO has also benefited philanthropic efforts, as the Marin Community Foundation, which received a large gift of Figma shares from Wallace, sold some shares for $440 million and may significantly increase its managed assets. Figma, known for its collaborative design software used by clients like Netflix and Airbnb, was founded in 2012 with Field dropping out of Brown University after receiving a Thiel Fellowship grant to focus on the company. Legal firm Fenwick & West, which handled Figma's IPO, received shares worth nearly $30 million as part of their compensation. The successful IPO has revived optimism in the tech sector after a lull in high-profile public offerings.