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00:02Figma's shares surged 250% of their public debut Thursday, closing at $115.50,
00:08more than triple the IPO price of $33, according to Bloomberg.
00:12Rally gave the design software for a market value of $56.3 billion,
00:16or over $65 billion on a fully diluted basis.
00:19Figma's current valuation far exceeds the $20 billion it would have received in its failed 2023 sale to Adobe.
00:25The company designs web and mobile interfaces and has expanded its tools to support software development and workplace collaboration.
00:32CEO Dylan Field's stake is now worth $6 billion in performance-based shares, beginning to invest in a $60 stock average.
00:38Figma posted $228 million in first quarter revenue, up 46% year-over-year, and $44.9 million in net income.
00:45The company plans to expand its AI capabilities, pursue M&A, and grow adoption beyond designers to developers and office workers.
00:52For all things money, visit Benzinga.com.
00:55For all things money, visit Benzinga.com.
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