Findell Capital Management has sent a letter to Figma, urging the design software company to streamline operations and review board governance.
The investment firm wants Figma to narrow its product portfolio and reduce costs to align with industry peers. It cited high R&D spending and stock-based compensation concerns.
Figma's stock has fallen 81.5% over the past year, trading at $21.34. Despite strong revenue growth, the company remains unprofitable, though analysts expect profitability this year.
Findell also raised governance issues regarding board members' ties to Anthropic, which launched a competing product. It called for an independent investigation.
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