Figma (FIG): The Strategic Reset After the Adobe Rejection and IPO Volatility

The core of the investment thesis remains compelling. Figma's business model is sticky, with and a vast user base of 13 million monthly active users. Its expansion into AI tools like Make and Buzz is a logical step to defend its moat. Yet the competitive pressure is intense and growing. The company now faces rivals like Canva and Sketch in a crowded digital design space, . The recent selloff, , .

The bottom line is that Figma's strategic reset is a high-stakes experiment. Independence provided a financial lifeline and freedom, but it also removed a potential anchor and intensified competition. The company must now execute flawlessly on its own, proving that its collaborative platform and AI roadmap can drive the kind of relentless growth that justifies its lofty multiples. For now, the market is watching, and the volatility tells a story of immense potential shadowed by significant execution risk.