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Figma confidentially files for IPO a year after ditching Adobe deal

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Figma confidentially files for IPO a year after ditching Adobe deal


Dylan Field, co-founder and CEO of Figma Inc., after the morning sessions at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 11, 2024.

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Design software maker Figma said on Tuesday that it has submitted paperwork to the U.S. Securities and Exchange Commission for an initial public offering.

The confidential filing lands 16 months after the company scrapped a deal to be acquired by Adobe for $20 billion due to regulatory pressure in the U.K. The San Francisco startup had originally agreed to the deal in 2022. Adobe paid Figma a $1 billion termination fee.

Figma’s software is popular among designers inside companies who need to collaborate on prototypes for websites and apps. The company was valued at $12.5 billion in a 2024 tender offer.

“There are two paths that venture-funded startups go down,” Dylan Field, Figma’s co-founder and CEO, said in an interview with The Verge last year. “You either get acquired or you go public. And we explored thoroughly the acquisition route.”

The announcement lands at a precarious moment for the tech IPO market, which has been largely dormant since late 2021. The Trump presidency was expected to revive new offerings due to promises of less burdensome regulations.

But after filing their prospectuses with the SEC, fintech company Klarna and online ticket marketplace StubHub delayed their IPOs earlier this month following the market turmoil caused by Trump’s announcements on widespread tariffs. Digital banking service Chime, which had filed confidentially with the SEC, also postponed its planned offering.

Turo, a car-sharing service, withdrew its IPO prospectus in February, three years after filing its initial prospectus.

Figma was founded in 2012 and is backed by investors including Andreessen Horowitz, Durable Capital, Greylock Partners, Index Ventures, Kleiner Perkins and Sequoia Capital. The company, which ranked 26th on CNBC’s Disruptor 50 list in 2024, had about $600 million in annual revenue as of early last year.

— CNBC’s Ari Levy contributed to this report.

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Ex-Goldman Banker Sentenced to Two Years in 1MDB Bribery Scandal

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Ex-Goldman Banker Sentenced to Two Years in 1MDB Bribery Scandal




Tim Leissner had pleaded guilty and cooperated with federal prosecutors investigating the looting of billions of dollars from the Malaysian sovereign-wealth fund.



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White House economic director reveals three trade deals await Trump’s signature

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White House economic director reveals three trade deals await Trump's signature


White House National Economic Council Director Kevin Hassett exerted confidence in the Trump administration’s ability to get tariff legalities overturned, adding that three alleged trade deals are awaiting the president’s signature.

“Trump does always win these negotiations, because we’re right,” Hassett said on “Mornings with Maria,” Thursday. “We’re right that America has been mishandled by other governments, that our tariffs are taking them to the table.”

“It’s unfortunate that people would attack it… the way the judges just did. You know, these activist judges are trying to slow down something right in the middle of really important negotiations,” he added. “I’m sure that when we appeal that, this decision will be overturned.”

On Wednesday, the U.S. Court of International Trade ruled that President Trump overstepped his authority over tariffs under the International Emergency Economic Powers Act (IEEPA).

CITI C.E.O. BULLISH ON U.S. ECONOMY AND ENTREPRENEURSHIP UNDER TRUMP LEADERSHIP

“The Constitution assigns Congress the exclusive powers to ‘lay and collect Taxes, Duties, Imposts and Excises,’ and to ‘regulate Commerce with foreign Nations,’” the court opined. “The question in the two cases before the court is whether the International Emergency Economic Powers Act of 1977 (“IEEPA”) delegates these powers to the President in the form of authority to impose unlimited tariffs on goods from nearly every country in the world.”

Kevin Hassett on Trump tariff deals

White House National Economic Council Director Kevin Hassett talked tariff court appeals and ongoing deals on “Mornings with Maria.” (FOXBusiness)

“The court does not read IEEPA to confer such unbounded authority and sets aside the challenged tariffs imposed thereunder,” the court continued.

According to Hassett, the recent ruling “doesn’t at all” impact ongoing trade deals, but admitted there could be “little hiccups.”

Hassett then divulged that three trade partners have come forth with formal negotiations that just need President Trump to officially sign off on.

“At the end of [last] week, [there were] three that were basically ready for the president’s decision. I don’t know if people have had that conversation with him yet, but yes, there are many, many deals coming,” he said, “and there were three that basically look like they’re done.”

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The White House previously told FOX Business that the Trump administration is committed to using every level of executive power to restore American greatness.

“We’re very, very confident that this really is incorrect,” Hassett said. “In the end, people know President Trump is 100% serious, and they also have seen that President Trump always wins.”

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FOX Business’ Greg Wehner and Bill Mears contributed to this report.



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Aercap Holdings stock soars to all-time high of $115.07

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Aercap Holdings stock soars to all-time high of $115.07



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