So now that Figma will be owned by Wall Street, it will only get considerably worse from here. It is now time consider and find and fund open source alternatives.
I know of excalidraw and perhaps penpot are there anymore?
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I agree. If they’re so profitable already, why take the company public at all?
Because there are likely many employees and investors who want to cash out.
Going public makes their shares liquid. It's (probably) not reasonable for the company to repurchase that equity or to pay employees pure cash comp.
Sounds like asking for the public to buy them out .
to be a lot more profitable
And how would that happen? They already have the product, which can be sold in huge numbers without really needing to scale operations. Are you suggesting they need cash to rewrite or improve the product?
At my company we use Miro a ton. It doesn't have the design tools, just the white boarding and diagramming, so its Figma counterpart is FigJam. But the realtime collaboration features are just as good, and sometimes better. They have a decent desktop Electron app that wraps it, too.