Figma's rapid ascent hasn't gone unnoticed by its larger competitors. In Sept. 2022, Adobe attempted to acquire Figma for $20 billion, but regulatory concerns scuttled the deal. Now, less than three years later, Figma is worth far more than that.

Shares of Figma slumped 23% on profit taking on Monday, as euphoria over the design software firm waned days after its blockbuster initial public offering.

Figma (NYSE:FIG) stock dropped 27.4% to $88.60/share on Monday, its third day of trading, significantly paring gains since its blockbuster IPO last week. The design software maker's shares had more than tripled to $115.