Tech
Figma sheds $11 billion in market value days after blockbuster IPO
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Shares of Figma slumped 23% on profit taking on Monday, as euphoria over the design software firm waned days after its blockbuster initial public offering.
San Francisco, California-based Figma shares had scored a massive 250% gain during their market debut on Thursday when they were priced at $33 but finished at $115.50, giving the company a market capitalisation of about $56.3 billion.
Figma’s market value closed at $59.5 billion on Friday after its shares rose 5.6% to $122. The shares traded as low as $92.75 on Monday, down 23%, reducing its market…
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