Brew Markets Figma Stock’s Mysterious Lock-Up & Why Salesforce Can’t Catch A Break
8 snips
Sep 4, 2025 The discussion dives into the impatience of the market regarding Salesforce's AI transitions and their recent stock decline despite solid earnings. The intricacies of stock lock-ups are unraveled, highlighting why longtime Figma investors may opt to extend theirs despite a hot IPO. Additionally, the implications of public companies going private are examined, detailing how shareholders are compensated and the potential impact on market trust.
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AI-Native Growth Outpaces Software OGs
- Markets punish legacy software when AI-native rivals grow faster and post stronger growth rates.
- Stability and cash generation must offset slower growth for incumbents to retain premium valuations.
Benioff's AgentForce And Workforce Cuts
- Mark Benioff described rethinking workforce balance between humans and digital labor when launching AgentForce.
- Salesforce then cut 4,000 customer support roles, showing it used its own AI tools to increase margins.
Growth Trumps Integration For Valuation
- Investors reacted to Salesforce because its growth outlook (~8-9%) looked too slow compared with high-growth peers.
- The market values rapid AI-driven growth more highly than incremental AI integration from incumbents.