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In a Friday afternoon (https://x.com/linamkhan/status/1951361535861043589) post on X , Khan linked to (https://www.wsj.com/finance/stocks/figma-shares-jump-over-200-in-stock-market-debut-605f6212?mod=e2tw) an article about (https://techcrunch.com/2025/07/31/figmas-stock-soars-in-its-highly-anticipated-ipo-market-cap-instantly-hits-45b/) Figma\u2019s impressive first day of trading and argued the IPO is \u201ca great reminder that letting startups grow into independently successful businesses, rather than be bought up by existing giants, can generate enormous value.\u201d Khan was alluding to a $20 billion deal for Adobe to acquire Figma that (https://techcrunch.com/2023/12/18/adobe-figma-europe-regulation-acquisition/) fell through back in 2023. While Adobe cited the lack of a \u201cclear path\u201d to approval from the European Commission and the U.K. Competition and Markets Authority, the acquisition also faced regulatory scrutiny in the United States over concerns that it could prevent Figma from being an \u201ceffective competitor\u201d to Adobe. Khan was FTC chair at the time, leading the agency to challenge Big Tech on fronts such as startup acquisitions \u2014 to the point that companies tried to avoid this scrutiny with \u201creverse acqui-hires\u201d in which they hired key team members and licensed technology rather than acquiring startups outright. (The practice (https://techcrunch.com/2025/07/19/windsurf-ceo-opens-up-about-very-bleak-mood-before-cognition-deal/) seems to be continuing despite Khan\u2019s departure from the FTC.) While her aggressive stance led to intense criticism from corners of the tech industry, (https://techcrunch.com/2024/06/15/ftc-chair-lina-khan-on-startups-scaling-and-innovations-in-potential-law-breaking/) she defended her approach by saying that only a tiny percentage of deals received \u201ca second look\u201d and arguing that founders would ultimately benefit from \u201ca world in which you have six or seven or eight potential suitors\u201d rather than \u201cjust one or two.\u201d And although Khan \u2014 who\u2019d been appointed by President Joe Biden \u2014 (https://www.reuters.com/world/us/biden-ftc-chair-khan-resign-commission-coming-weeks-2025-01-20/) resigned at the start of the second Trump administration, her comments Friday paint the Figma IPO as a vindication for her approach, calling the IPO \u201ca win for employees, investors, innovation, and the public.\u201d Of course, Khan\u2019s critics are more likely to see Figma\u2019s success as coming despite regulatory scrutiny, not because of it. For example, Wedbush Securities analyst Dan Ives (https://www.businessinsider.com/lina-kahn-victory-lap-figma-ipo-after-fighting-adobe-merger-2025-8) told Business Insider , \u201cFigma is a massive success, but it\u2019s because of the company\u2019s innovative growth and not due to the FTC and [Khan].\u201d Techcrunch event Join the Disrupt 2026 Waitlist Add yourself to the Disrupt 2026 waitlist to be first in line when Early Bird tickets drop. Past Disrupts have brought Google Cloud, Netflix, Microsoft, Box, Phia, a16z, ElevenLabs, Wayve, Hugging Face, Elad Gil, and Vinod Khosla to the stages \u2014 part of 250+ industry leaders driving 200+ sessions built to fuel your growth and sharpen your edge. Plus, meet the hundreds of startups innovating across every sector. Join the Disrupt 2026 Waitlist Add yourself to the Disrupt 2026 waitlist to be first in line when Early Bird tickets drop. 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San Francisco | October 13-15, 2026 (https://techcrunch.com/events/tc-disrupt-2026/) W AITLISTNOW Topics (https://techcrunch.com/tag/figma/) Figma , (https://techcrunch.com/category/government-policy/) Government & Policy , (https://techcrunch.com/tag/lina-khan/) Lina Khan , (https://techcrunch.com/category/startups/) Startups (https://www.facebook.com/sharer.php?u=https%3A%2F%2Ftechcrunch.com%2F2025%2F08%2F02%2Flina-khan-points-to-figma-ipo-as-vindication-for-ma-scrutiny%2F) (https://twitter.com/intent/tweet?url=https%3A%2F%2Ftechcrunch.com%2F2025%2F08%2F02%2Flina-khan-points-to-figma-ipo-as-vindication-for-ma-scrutiny%2F&text=Lina+Khan+points+to+Figma+IPO+as+vindication+of+M%26A+scrutiny&via=techcrunch) (https://www.linkedin.com/shareArticle?url=https%3A%2F%2Ftechcrunch.com%2F2025%2F08%2F02%2Flina-khan-points-to-figma-ipo-as-vindication-for-ma-scrutiny%2F&title=Lina+Khan+points+to+Figma+IPO+as+vindication+of+M%26A+scrutiny&summary=A+surprising+figure+is+celebrating+Figma%E2%80%99s+successful+IPO%3A+Lina+Khan%2C+former+chair+of+the+Federal+Trade+Commission%2C+who+said+the+offering+demonstrates+the+value+of+%22letting+startups+grow+into+independently+successful+businesses.%22&mini=1&source=TechCrunch) (https://www.reddit.com/submit?url=https%3A%2F%2Ftechcrunch.com%2F2025%2F08%2F02%2Flina-khan-points-to-figma-ipo-as-vindication-for-ma-scrutiny%2F&title=Lina+Khan+points+to+Figma+IPO+as+vindication+of+M%26A+scrutiny) (mailto:?subject=Lina+Khan+points+to+Figma+IPO+as+vindication+of+M%26A+scrutiny&body=Article%3A+https%3A%2F%2Ftechcrunch.com%2F2025%2F08%2F02%2Flina-khan-points-to-figma-ipo-as-vindication-for-ma-scrutiny%2F) (https://techcrunch.com/2025/08/02/lina-khan-points-to-figma-ipo-as-vindication-for-ma-scrutiny/) (Anthony Ha) Anthony Ha (https://bsky.app/profile/anthonyha.bsky.social) (http://www.linkedin.com/in/anthonyha) Anthony Ha is TechCrunch\u2019s weekend editor. Previously, he worked as a tech reporter at Adweek, a senior editor at VentureBeat, a local government reporter at the Hollister Free Lance, and vice president of content at a VC firm. He lives in New York City. You can contact or verify outreach from Anthony by emailing (mailto:anthony.ha@techcrunch.com) anthony.ha@techcrunch.com . (https://techcrunch.com/author/anthony-ha/) View Bio (Event Logo) Dates TBD Locations TBA Plan ahead for the 2026 StrictlyVC events. Hear straight-from-the-source candid insights in on-stage fireside sessions and meet the builders and backers shaping the industry. Join the waitlist to get first access to the lowest-priced tickets and important updates. 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While Adobe cited the lack of a \u201cclear path\u201d to approval from the European Commission and the U.K. Competition and Markets Authority, the acquisition also faced regulatory scrutiny in the United States over concerns that it could prevent Figma from being an \u201ceffective competitor\u201d to Adobe.\n\nKhan was FTC chair at the time, leading the agency to challenge Big Tech on fronts such as startup acquisitions \u2014 to the point that companies tried to avoid this scrutiny with \u201creverse acqui-hires\u201d in which they hired key team members and licensed technology rather than acquiring startups outright. (The practice seems to be continuing despite Khan\u2019s departure from the FTC.)\n\nWhile her aggressive stance led to intense criticism from corners of the tech industry, she defended her approach by saying that only a tiny percentage of deals received \u201ca second look\u201d and arguing that founders would ultimately benefit from \u201ca world in which you have six or seven or eight potential suitors\u201d rather than \u201cjust one or two.\u201d\n\nAnd although Khan \u2014 who\u2019d been appointed by President Joe Biden \u2014 resigned at the start of the second Trump administration, her comments Friday paint the Figma IPO as a vindication for her approach, calling the IPO \u201ca win for employees, investors, innovation, and the public.\u201d\n\nOf course, Khan\u2019s critics are more likely to see Figma\u2019s success as coming despite regulatory scrutiny, not because of it. For example, Wedbush Securities analyst Dan Ives told Business Insider, \u201cFigma is a massive success, but it\u2019s because of the company\u2019s innovative growth and not due to the FTC and [Khan].\u201d\n\n\t\t\n\t\tTechcrunch event\n\t\t\n\t\t\t\n\t\t\tSan Francisco\n\t\t\t\t\t\t\t\t\t\t\t\t\t|\n\t\t\t\t\t\t\t\t\t\t\t\t\tOctober 13-15, 2026\n\t\t\t\t\t\t\t\n\t\t\t\n\t\t\n\t\n\n\n\t\t\t\n\n\t\t\t\n\n\n\t\t\t\n\t\t\t\n\t\t\t\n\n\t\t\t\n\n\n\n\n\t\t\t\n\t\t\t\n\t\t\t\n\n\t\t\t\n\n\n\n\t\t\t\n\n\t\n\t\n\t\n\t\n\n\t\n\n\t\tAnthony Ha is TechCrunch\u2019s weekend editor. Previously, he worked as a tech reporter at Adweek, a senior editor at VentureBeat, a local government reporter at the Hollister Free Lance, and vice president of content at a VC firm. He lives in New York City.\n\nYou can contact or verify outreach from Anthony by emailing anthony.ha@techcrunch.com.\t\n\n\n\t\n\t\n\t\tView Bio \n\t\n\t\n\n\n\n\t\t\n\t\t\n\n\t\t\n\t\t\nMost Popular" ], "output": "readability/", "pwd": "/data/archive/1766068846.508898", "schema": "ArchiveResult", "start_ts": "2025-12-18T14:42:18.547462+00:00", "status": "succeeded" } ], "screenshot": [], "singlefile": [], "title": [ { "cmd": [ "/usr/bin/curl", "--silent", "--location", "--compressed", "--proxy", "socks5://tor-socks-proxy:9150", "--max-time", "60", "--user-agent", "Mozilla/5.0 (Macintosh; Intel Mac OS X 10_15_7) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/128.0.0.0 Safari/537.36 ArchiveBox/{VERSION} (+https://github.com/ArchiveBox/ArchiveBox/)", "https://techcrunch.com/2025/08/02/lina-khan-points-to-figma-ipo-as-vindication-for-ma-scrutiny/" ], "cmd_version": "8.10.1", "end_ts": "2025-12-18T14:42:16.778759+00:00", "index_texts": null, "output": "Lina Khan points to Figma IPO as vindication of M&A scrutiny | TechCrunch", "pwd": "/data/archive/1766068846.508898", "schema": "ArchiveResult", "start_ts": "2025-12-18T14:42:16.130165+00:00", "status": "succeeded" } ], "wget": [] }, "icons": null, "is_archived": true, "is_static": false, "latest": { "archive_org": "TimeoutExpired: Command '['/usr/bin/curl', '--silent', '--location', '--compressed', '--proxy', 'socks5://tor-socks-proxy:9150', '--head', '--max-time', '60', '--user-agent', 'Mozilla/5.0 (Macintosh; Intel Mac OS X 10_15_7) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/128.0.0.0 Safari/537.36 ArchiveBox/{VERSION} (+https://github.com/ArchiveBox/ArchiveBox/)', 'https://web.archive.org/save/https://techcrunch.com/2025/08/02/lina-khan-points-to-figma-ipo-as-vindication-for-ma-scrutiny/']' timed out after 60 seconds", "dom": "TimeoutExpired: Command '['/usr/bin/chromium-browser', '--proxy-server=socks5://tor-socks-proxy:9150', '--disable-features=DarkMode', '--run-all-compositor-stages-before-draw', '--hide-scrollbars', '--autoplay-policy=no-user-gesture-required', '--no-first-run', '--use-fake-ui-for-media-stream', '--use-fake-device-for-media-stream', \"--simulate-outdated-no-au='Tue, 31 Dec 2099 23:59:59 GMT'\", '--headless=new', '--no-sandbox', '--no-zygote', '--disable-dev-shm-usage', '--disable-software-rasterizer', '--disable-sync', '--window-size=1440,2000', '--user-agent=Mozilla/5.0 (Macintosh; Intel Mac OS X 10_15_7) AppleWebKit/537.36 (KHTML, like Gecko) Chrome/128.0.0.0 Safari/537.36 ArchiveBox/{VERSION} (+https://github.com/ArchiveBox/ArchiveBox/)', '--user-data-dir=/data/personas/Default/chrome_profile', '--profile-directory=Default', '--dump-dom', 'https://techcrunch.com/2025/08/02/lina-khan-points-to-figma-ipo-as-vindication-for-ma-scrutiny/']' timed out after 60 seconds", "favicon": "favicon.ico", "git": null, "media": "media/", "pdf": null, "screenshot": null, "singlefile": null, "title": "Lina Khan points to Figma IPO as vindication of M&A scrutiny | TechCrunch", "warc": null, "wget": null }, "link_dir": "/data/archive/1766068846.508898", "newest_archive_date": "2025-12-18T14:42:52.542131+00:00", "num_failures": 2, "num_outputs": 7, "oldest_archive_date": "2025-12-18T14:40:54.407643+00:00", "path": "/2025/08/02/lina-khan-points-to-figma-ipo-as-vindication-for-ma-scrutiny/", "schema": "Link", "scheme": "https", "snapshot_abid": "snp_01KCRYFZZ3BDAB405A01WJ5WEN", "snapshot_id": "6ac4ed08-0c53-4c3c-b5ee-2c8cb922f1d5", "sources": [ "/data/sources/1766068844-import.txt" ], "tags": null, "tags_str": "", "timestamp": "1766068846.508898", "title": "Lina Khan points to Figma IPO as vindication of M&A scrutiny | TechCrunch", "url": "https://techcrunch.com/2025/08/02/lina-khan-points-to-figma-ipo-as-vindication-for-ma-scrutiny/" }