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Mint
37 minutes ago
- Mint
Figma aims at $16.4 billion valuation ahead of IPO on NYSE
Figma is aiming for a fully-diluted valuation of up to $16.4 billion as it readies for an initial public offering (IPO) on the New York Stock Exchange, a move that could energize the currently recovering tech IPO market, according to a report by Reuters. The San Francisco-based design software company, together with some of its investors, plans to raise as much as $1.03 billion by offering nearly 37 million shares priced between $25 and $28 each, according to a statement released Monday. This IPO marks a key moment for Figma, coming more than a year after its $20 billion proposed acquisition by Adobe was blocked due to regulatory concerns in the UK and Europe. The broader market's recent rebound and successful IPOs like that of Circle have renewed optimism around tech listings. Figma's upcoming debut has already drawn attention, partly due to its pro-bitcoin stance and social media buzz. As of March 31, it had $70 million invested in Bitwise's bitcoin ETF and plans to invest an additional $30 million, its filing shows. The company will list under the ticker symbol "FIG", with Morgan Stanley, Goldman Sachs, Allen & Co., and J.P. Morgan managing the offering. Figma was last valued at $12.5 billion in a 2024 secondary share sale involving early investors and employees. Figma offers a collaborative design platform used to build websites, applications, and user interfaces, with clients including SAP, Workday, and ServiceNow. The company saw a 46% increase in revenue and a threefold jump in net income in Q1 2025. Venture capitalist Tomasz Tunguz praised Figma's product-led growth model, noting that its collaborative features promote viral user adoption and sales efficiency. CEO Dylan Field has also suggested the company is open to bold acquisitions that may seem unconventional at first glance. However, the IPO comes amid changing industry dynamics. While Figma is investing in AI, it acknowledges that AI-powered design tools could reduce customer dependence. The company also pointed to restrictive immigration policies as a hiring challenge and warned of potential global demand risks tied to tariffs and economic uncertainty. Corporate attorney Leslie Marlow noted that in this evolving environment, investors are prioritizing firms with strong financials and clear paths to profitability. (With inputs from Reuters) Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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Business Standard
39 minutes ago
- Business Standard
Can Elon Musk be trusted as two cases threaten Tesla, his car company
In Miami, a Tesla driver who has admitted he was wrong to reach for a dropped cell phone moments before a deadly accident, spoke of the danger of putting too much faith in Musk's technology AP Miami Elon Musk fought court cases on opposite coasts Monday, raising a question about the billionaire that could either speed his plan to put self-driving Teslas on US roads or throw up a major roadblock: Can this wildly successful man who tends to exaggerate really be trusted? In Miami, a Tesla driver who has admitted he was wrong to reach for a dropped cell phone moments before a deadly accident, spoke of the danger of putting too much faith in Musk's technology in this case his Autopilot programme. I trusted the technology too much, said George McGee, who ran off the road and killed a woman out stargazing with her boyfriend. I believed that if the car saw something in front of it, it would provide a warning and apply the brakes. In unusual coincidence, regulators arguing an Oakland, California, case tried to pin exaggerated talk about the same Tesla technology at the centre of a request to suspend the carmaker from being able to sell vehicles in the state. Musk's tendency to talk big whether its his cars, his rockets or his government costing-cutting efforts have landed him in trouble with investors, regulators and courts before, but rarely at such a delicate moment. After his social media spat with President Donald Trump, Musk can no longer count on a light regulatory touch from Washington. Meanwhile, sales of his electric cars have plunged and so a hit to his safety reputation could threaten his next big project: rolling out driverless robotaxis hundreds of thousands of them in several US cities by the end of next year. The Miami case holds other dangers, too. Lawyers for the family of the dead woman, Naibel Benavides Leon, recently convinced the judge overseeing the jury trial to allow them to argue for punitive damages. A car crash lawyer not involved in the case, but closely following it, said that could cost Tesla tens of millions of dollars, or possibly more. I've seen punitive damages go to the hundreds of millions, so that is the floor, said Miguel Custodio of Los Angeles-based Custodio & Dubey. It is also a signal to other plaintiffs that they can also ask for punitive damages, and then the payments could start compounding. Tesla did not reply for a request for comment. That Tesla has allowed the Miami case to proceed to trial is surprising. It has settled at least four deadly accidents involving Autopilot, including payments just last week to a Florida family of a Tesla driver. That said, Tesla was victorious in two other jury cases, both in California, that also sought to lay blame on its technology for crashes. Lawyers for the plaintiffs in the Miami case argue that Tesla's driver-assistance feature, called Autopilot, should have warned the driver and braked when his Model S sedan blew through flashing lights, a stop sign and a T-intersection at 62 miles-an-hour in an April 2019 crash. Tesla said that drivers are warned not to rely on Autopilot, or its more advanced Full Self-Driving system. It say the fault entirely lies with the "distracted driver" just like so many other accidents since cellphones were invented. Driver McGee settled a separate suit brought by the family of Benavides and her severely injured boyfriend, Dillon Angulo. McGee was clearly shaken when shown a dashcam video Monday of his car jumping a Key West, Florida, road and hitting a parked Chevrolet Tahoe which then slammed into Benavides and sent her 75 feet through the air to her death. Asked if he had seen those images before, McGee pinched his lips, shook his head, then squeaked out a response, No. Tesla's attorney sought to show that McGee was fully to blame, asking if he had ever contacted Tesla for additional instructions about how Autopilot or any other safety features worked. McGee said he had not, though he was heavy user of the features. He said he had driven the same road home from work 30 or 40 times. Under questioning he also acknowledged he alone was responsible for watching the road and hitting the brakes. But lawyers for the Benavides family had another chance to parry that line of argument and asked McGee if he would have taken his eyes off the road and reached for his phone had he been driving any car other than a Tesla on Autopilot. McGee responded, I don't believe so. The case is expected to continue for two more weeks. In the California case, the state's Department of Motor Vehicles is arguing before an administrative judge that Tesla has misled drivers by exaggerating the capabilities of its Autopilot and Full Self-Driving features. A court filing claims even those feature names are misleading because they offer just partial self-driving Musk has been warned by federal regulators to stop making public comments suggesting Full Self-Driving allows his cars to drive themselves because it could lead to overreliance on the system, resulting in possible crashes and deaths. He also has run into trouble with regulators for Autopilot. In 2023, the company had to recall 2.3 million vehicles for problems with the technology and is now under investigation for saying it fixed the issue though it's unclear it has, according to regulatory documents. The California case is expected to last another four days. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Mint
an hour ago
- Mint
Coldplay concert cheating scandal: Why HR executive Kristin Cabot hasn't been fired yet
Kristin Cabot, the Chief People Officer at US-based data science company Astronomer, is at the centre of a viral scandal involving the company's now-former CEO Andy Byron, but she has not yet been sacked from her role, despite growing public pressure. According to a New York Post report, legal experts suggest that firing her might not be as straightforward as it seems. The controversy erupted after Coldplay frontman Chris Martin called out Cabot and Byron from the stage at a recent concert at Gillette Stadium, Boston, with the duo allegedly caught 'canoodling' on the jumbotron. The moment went viral online and led to Byron's swift resignation. Cabot, however, has only been placed on leave while an internal investigation is underway. While the company confirmed the probe, it has remained tight-lipped about Cabot's employment status. Lawyers cited by the New York Post suggest that this may be due to potential legal and contractual liabilities, particularly since Cabot leads the HR department. 'In a real-world big company, you can't just fire someone because the headlines are ugly,' attorney Nicole Brenecki told The Post, noting that any decision would likely involve careful legal vetting, internal reviews, and possibly even exit negotiations. Cabot, who joined Astronomer in November 2024, has not publicly commented on the incident. Both she and Byron are reportedly married to other people, according to their social media activity, adding a personal layer to the workplace scandal. Pete DeJoy, Astronomer's interim CEO and co-founder, acknowledged the intense scrutiny in a LinkedIn post, calling the attention 'surreal' for the company. 'While I would never have wished for it to happen like this, Astronomer is now a household name,' he wrote. As for Cabot's future at the company, attorney William Cafaro believes discussions around her exit may already be underway. 'It's difficult to conceive how she could continue in her current role,' he said, adding that, from a legal standpoint, her public involvement with the CEO could constitute cause for termination. However, other lawyers noted that unless the relationship was non-consensual or involved coercion, it's unlikely that Cabot could file a sexual harassment complaint — even though Byron was her superior. 'Being embarrassed on a jumbotron isn't the same as being harassed at work,' Brenecki said. Attorney Douglas Wigdor pointed out that more information about the relationship could still surface. 'Maybe there's more to the story from her,' he said, adding that the brief video clip from the concert doesn't provide enough context. The final decision on Cabot's employment may rest on the outcome of the internal inquiry, and whether the HR department had previously approved or overlooked the relationship.
