🚀 Figma Sale

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Figma, the cloud-based design tool company, announced a tender offer valuing it at $12.5 billion, a 25% increase from its 2021 valuation. This offer allows current and former employees to sell shares and is supported by over 25 investors, including A16z, Sequoia, and Kleiner Perkins. The announcement follows the cancellation of a planned $20 billion acquisition by Adobe in December due to regulatory issues. Figma's clients include major companies such as Microsoft, Google, Oracle, and Salesforce. In 2021, Figma was valued at $10 billion in a funding round led by Morgan Stanley’s Counterpoint Global.

2. China, is making significant moves to revive its struggling property market by easing mortgage rules and encouraging local governments to purchase unsold homes. The support package features reduced down-payments and an infusion of 300 billion yuan ($42 billion) from the central bank to buy excess inventory and convert it into affordable housing. This announcement spurred a nearly 10% rise in developer shares, reflecting investor optimism. However, the funding falls short of analysts' estimates of what's required to fully resolve the crisis, and many potential buyers remain hesitant, expecting further price declines.

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4. Headlines

   1. Gamestop fell 25% on Thursday and 20% on Friday as the company announced that it would sell shares following a surge earlier in the week.

   2. Tesla is continuing to lay off staff as it works towards a 10% reduction in its global workforce.

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