The recent successful initial public offering (IPO) of Figma is not only a milestone for the company and its investors, but also became new evidence for Lina Khan, former chair of the Federal Trade Commission (FTC), to defend her antitrust stance.

Last Friday, Khan posted on X (formerly Twitter), celebrating Figma's successful listing and commenting: "It's a good reminder that startups growing into independent successful companies, rather than being acquired by existing giants, can create significant value." Her remarks directly targeted the failed $2 billion acquisition of Figma by Adobe in 2023.

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At that time, as the chair of the FTC, Khan led the agency in taking an unprecedentedly tough stance against mergers and acquisitions by large tech companies. Although Adobe eventually abandoned the deal due to inability to gain approval from EU and UK regulators, the antitrust review from the FTC was also a major obstacle. Regulators were concerned that if the deal went through, it would stifle Figma's potential to become a viable competitor to Adobe.

Khan has always believed that strict regulatory reviews can create a fairer and more competitive environment for startups. She argued that when founders have six, seven, or eight potential suitors instead of just one or two, the entire market benefits. Now, she portrays Figma's IPO as a "victory for employees, investors, innovation, and the public," to demonstrate the effectiveness of her policies.

Critics Counter: Success Comes from Innovation

However, Khan's views were quickly refuted by critics. They argue that Figma's success is the result of its own innovation and growth, and has nothing to do with the intervention of regulatory agencies. Dan Ives, an analyst at Wedbush Securities, stated in an interview with Business Insider: "Figma achieved great success, but this is attributed to the company's innovative growth, not the Federal Trade Commission or Khan."