Figma Shares Plunge After Soaring on NYSE Debut

Figma shares fell 27% to $88.60 on Monday, erasing a large chunk of gains made during its explosive NYSE debut last week. According to CNBC, the design software firm and top holders sold 37 million shares at $33 each, generating $412 million in proceeds. The stock more than tripled on its first trading day but slid sharply on Monday. Figma expects second-quarter revenue to rise about 40% year-over-year and stands out from recent tech IPOs by consistently posting profits. The company is now valued at around $56 billion, nearly triple the $20 billion Adobe once offered before regulators blocked the deal. CEO Dylan Field’s stake remains worth over $5 billion post-drop.