Activist hedge fund Findell Capital Management launched a campaign for major changes at design software firm Figma. Findell argues that markets unfairly penalize the Adobe competitor over fears of artificial intelligence disruption. The fund claims Figma remains significantly undervalued.
Findell urges Figma to streamline its product line to four core applications. The fund demands aggressive cost-cutting measures and a reduction in stock-based compensation. Findell notes that Figma’s stock-based pay is proportionally much higher than Adobe’s.
The activist fund also called for an independent investigation into potential board conflicts of interest. These concerns involve board members and the AI startup Anthropic. Anthropic recently launched a product that competes directly with Figma.