Figma stock falls from $122 to $94.50, wiping out nearly all IPO gains

Description

Figma’s honeymoon on Wall Street just ended in a freefall after mere days. On Monday, the company’s stock collapsed by 23%, sending its price tumbling from $122 on Friday to $94.50 by midday. The $27.50 drop crushed nearly all the gains it made after its explosive IPO debut just last Thursday. The sharp fall came just four days after Figma and its biggest shareholders sold 37 million shares at $33 each, raking in around $412 million for the company. The stock had opened with massive demand and m...