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Lina Khan, the former chair of the Federal Trade Commission (FTC), highlighted Figma’s successful IPO as a validation of stringent regulatory scrutiny on large tech mergers and acquisitions. Khan referenced the blocked $20 billion acquisition of Figma by Adobe in 2023, which faced regulatory opposition in the U.S., Europe, and the U.K. due to concerns over reduced competition. As FTC chair, Khan pursued aggressive oversight of Big Tech acquisitions, advocating that startups should be allowed to grow independently to foster innovation and competition. Despite criticism, she argued that her approach benefits founders by increasing their options for potential buyers. Khan views Figma’s IPO as a victory for employees, investors, innovation, and the public, though some critics attribute Figma’s success to its own innovation rather than regulatory actions.