A Figma long position reportedly drew pushback from a limited partner

An investor says their October 10 update disclosed a Figma long alongside a Pinterest long. A limited partner effectively called the Figma bet “probably stupid,” and the investor says negative Figma takes were nearly unanimous. In a follow-up addressing DMs and replies, they outlined bear-case arguments: AI labs could commoditize design, an agent-centric world could shrink the design market, and executive churn and valuation were also concerns.