The plot has thickened for the tumbling Figma stock price as the post IPO freefall accelerated after the company published its earnings report. FIG plunged by 14% to $58, down by over 52% from its all-time high, bringing its market capitalization to below $30 billion.

Figma stock plunges despite strong numbers

Figma is a technology company that aims to disrupt the design industry by focusing on collaboration. It is one of the two companies trying to disrupt a business that Adobe has always dominated. The other one is Canva, the fast-growing Australian company. 

Adobe attempted to buy Figma a few years ago in a $20 billion deal, which regulators blocked, forcing it to pay a $1 billion termination fee.

A statement released on Wednesday…