Figma's Insider Sales Are Like a UI Bug - They Just Keep Popping Up and Crashing the Party

Figma, the design collaboration platform, has been killing it with $1.0B in annualized revenue in Q3 and a whopping 38% year-over-year growth, but it seems like their insiders are trying to cash out before the party's over. With a net retention rate of 131%, it's clear that customers love the product, but investors are getting a little nervous about the insider sales and margin compression due to AI infrastructure costs. The company's shares are still trading at a hefty 12.1X forward revenue, which is like paying for a luxury car but getting a skateboard instead. And to make matters worse, more insider sales are expected to drop like a bad UI update at the end of January, which could trigger another round of selling and make Figma's stock price go from "designer" to "discount bin". With all these insiders selling, it's like they know something that we don't - maybe they've discovered that the real product was the friends they made along the way, and now they're just trying to get out before it all comes crashing down.