Activist Pushes Adobe’s Figma Cuts; B2B eCommerce Post-Launch Risks
ADBE•Findell Capital launched a campaign demanding Figma cut its product portfolio from eight to four core apps and slash stock-based compensation, which accounts for 27% of revenues versus 8% at Adobe, as Figma shares sit 74.9% below peak after a 27.4% three-month drop. A separate review highlights that B2B eCommerce replatforms face revenue losses 30–90 days after launch due to integration failures, custom pricing breakdowns and SEO drift, underscoring potential risks for Adobe’s Commerce Cloud customers.
1. Activist Campaign Targets Figma
Findell Capital Management launched a campaign demanding that Figma streamline its product portfolio from eight to four core applications and aggressively rationalize operating costs to align with mature software peers.
2. Valuation and Governance Concerns at Figma
Figma currently trades at roughly half the $20 billion valuation Adobe paid in 2022, despite revenues tripling since that acquisition. Activists highlighted that 27% of Figma’s revenues fund stock-based compensation compared with 8% at Adobe and called for an independent board investigation into potential AI governance conflicts tied to Anthropic.
3. B2B eCommerce Migration Pitfalls
A separate report warns that B2B industrial manufacturers often suffer revenue losses between 30 and 90 days after replatforming due to custom pricing rule breakdowns, integration failures under production load and SEO drift, underscoring potential hurdles for Adobe’s Commerce Cloud customers.
