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Bonjour,

What’s a good risk for someone just getting into risks?

ily,

Writer: Natasha 
Editor: Deana & Miranda

Polygon Yapper leaderboard is live! Check it out here.

Figma, the design tool, went public on the NYSE yesterday with a debut straight out of a venture capitalist’s wet dream.

The shares were priced at $33 and surged over 250% on day one, hitting a high of $124.63 and closing at $115.50, pushing the valuation north of $60 billion. Safe to say, the ticker is $FIG.

As with any generational wealth-generating moment, there were winners and there were losers. I’m here to take you through both sides of the coin.

But first, we’ll start with some winners who lacked a shadow side: the founders. Dylan Field and Evan Wallace, universally known as very nice dudes, joined the tres commas club after more than a decade of hard work.

One of them donated over $400 million worth of shares to charity. I love to see a good guy win big.

Our first winner/loser combo: Lina Khan and Adobe.

A huge part of the Figma IPO lore is that the only reason they went public yesterday was because back in 2022, Adobe was set to acquire Figma at a $20 billion valuation. But Lina Khan, the former Chair of the U.S. Federal Trade Commission, blocked the deal citing antitrust concerns, arguing it would stifle competition. Adobe then famously had to pay Figma a $1 billion breakup fee (must be nice).

With the IPO nearly tripling the valuation of the company, it seems Lina Khan can sleep easy knowing she’s (inadvertently, ofc) created major shareholder value.

Next, venture capitals for the W, retail investors for the L. VCs hit their payday, with 3 funds 10Xing their entire fund.

For us tradoooors on Robinhood…things didn’t look as great.

The single-share position took on a life of its own as people clocked into their jobs at the meme factory.

This, of course, sparked a conversation on the timeline of how rigged the game is, and for those who worship at the altar of Bill Gurley, it was a great day to watch him play.

For our final winners and losers, I give you Figma Employees:

And those who could have worked at Figma:

Anyway, here’s hoping you can: