Figma Could Become A 'Meme Stock Beyond All Comprehension,' Warns Elon Musk's X Product Head Nikita Bier
Nikita Bier, Head of Product at Elon Musk‘s social media platform X, said on Thursday that Figma Inc. “is going to be a meme stock beyond all comprehension.” The prediction comes as the design platform prepares to begin trading on the New York Stock Exchange today.
Key Executive Backs Design Platform’s Viral Potential
Bier, who also serves as advisor to Solana, made the statement on X as institutional investors increasingly embrace social sentiment analytics for trading strategies.
IPO Pricing Sets Stage for Market Debut
Figma priced its initial public offering at $33.00 per share on Wednesday, offering 36.9 million Class A common stock shares. The company plans to raise approximately $411 million from 12.5 million new shares, while existing stockholders will sell 24.5 million shares.
Morgan Stanley, Goldman Sachs Group Inc., Allen & Company LLC and JPMorgan Chase & Co. are serving as joint lead book-running managers for the offering.
Strong Fundamentals Drive Growth Trajectory
The San Francisco-based company reported revenue of $749 million for 2024, marking 48% year-over-year growth. First quarter 2025 revenue reached $228.2 million, up 46% from the prior year period. Figma’s four-year compounded annual revenue growth rate stands at 53%.
The platform serves 95% of Fortune 500 companies and 78% of Forbes Global 2000 firms. Major clients include Microsoft Corp. (NASDAQ:MSFT), Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) and Salesforce Inc. (NYSE:CRM). Net Dollar Retention Rate was 134% at the end of 2024.
Wall Street Embraces Meme Stock Analytics
Bier’s prediction aligns with a broader Wall Street trend. Research shows 40% of hedge funds now use social sentiment analytics for trading strategies in 2025, compared to 10% three years ago.
Recent meme stock rallies have driven Opendoor Technologies Inc. (NASDAQ:OPEN) up 314% in the past month, while Kohl’s Corp. (NYSE:KSS) gained 51% and Krispy Kreme Inc. (NASDAQ:DNUT) rose 41%.
Figma’s IPO follows the collapse of a $20 billion acquisition by Adobe Inc. (NASDAQ:ADBE) due to regulatory concerns. The company’s most recent private valuation reached $12.5 billion during a 2024 secondary share sale.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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