The surprising number is to celebrate Figma’s successful IPO. This is Lina Khan, former chairman of the Federal Trade Commission.
In X’s Friday afternoon post, Khan linked to Figma’s article on the first day of an impressive deal, claiming that the IPO “can be a reminder that it can “grow independently and into a successful business, rather than being acquired by existing giants.”
Khan had hinted at a $2 billion deal for Adobe to acquire the collapsed Fitma in 2023. Adobe cited the lack of a “clear path” to approval from the European Commission and British competition and market authorities.
Khan was the FTC chair at the time, leading the agency to challenge big technology on the frontline, including startup acquisitions. This attempted to avoid this scrutiny with a “reverse buyer” who hired key team members and licensing technology, rather than getting a startup entirely. (The practice appears to continue despite Khan leaving the FTC.)
Her offensive stance led to intense criticism from the tech industry corner, but she defended her approach by claiming that only a small portion of the deal that received the “second look” would ultimately benefit from “there are six or seven or eight potential suitors, not just one or two.”
And while Kahn, appointed by President Joe Biden, resigned at the start of the second Trump administration, her comments portrayed Figma Ipo on Friday as a proof of her approach, calling the IPO “a victory for employees, investors, innovation and the public.”
Of course, Khan’s critics are likely to come despite regulatory scrutiny, not for it, but despite regulatory scrutiny. For example, Dan Ives of Wedbush Security Analyst told Business Insider:
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