This case is set a week after the initial public offering (IPO) of Figma, Inc. (Figma; NYSE:FIG), in summer 2025; the protagonist is the chief investment officer, Edwin Fernando. The excitement of going public has given way to intense pressure. The stock price surged 250% on its first day to close at nearly $115, but has since corrected dramatically to the high $70s. Internally, murmurs about “billions left on the table” are spreading uneasily among employees. The protagonist is tasked with crafting a message that can reassure employees, manage investor expectations, and support the CEO as he prepares for critical conversations in the days ahead. Fernando considers things like scrutiny and volatility, and the current stock market expectations, driven by highly valued AI companies.