Activist Findell Demands Figma Cut Eight-App Portfolio to Four and Slash 27% Stock-Based Pay
FIG•Findell Capital says Figma trades at half the $20 billion valuation Adobe agreed in 2022 and demands cutting its eight-app portfolio to four core products plus reducing 27% stock-based pay to peer levels. The activist also calls for an independent board probe into potential Anthropic conflicts after a sudden board exit.
1. Activist Campaign Launched
Findell Capital Management has launched a campaign targeting Figma’s board, declaring the platform significantly undervalued and urging immediate strategic changes to unlock shareholder value.
2. Valuation Gap and Revenue Growth
Figma shares trade at about half the $20 billion valuation Adobe agreed to pay in 2022, despite current revenues running three times higher than at the time of that offer. Findell attributes this valuation gap to misplaced AI disruption fears.
3. Product Rationalization and Cost Reductions
The fund proposes trimming Figma’s eight-app suite to four core offerings—Design, Dev Mode, FigJam and Make—while sunsetting or repackaging lesser products. It also demands cutting projected 27% revenue spend on stock-based compensation to align with mature software peers.
4. Governance and Board Conflicts
Findell is calling for an independent board investigation into potential conflicts tied to AI startup Anthropic after its Chief Product Officer abruptly resigned from Figma’s board. Two directors with venture stakes in Anthropic heighten concerns over confidential data misuse and governance standards.
