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The collaborative design tool Figma continues its march toward going public in one of the most highly anticipated IPOs in the history of design software. Wasting no time licking its wounds after European regulators blocked its $20 million acquisition by Adobe in late 2023, Figma quietly filed its S-1 paperwork to the SEC in April. Now, it’s announced that the S-1 has been made available to the public. That S-1, which you can read here, is full of interesting tidbits, as private companies disclose financial information for the first time. The biggest news? Figma disclosed making $749 million in revenue in 2024with a (non GAAP) profit margin of around 17% (a figure that looks at profits pre-taxes and some other expenditures). Its revenue was up 48% from 2023, signaling that Figma’s growth is quite strong. With revenue in hand, we can see that Figma is about 1/28th the size of Adobe, or about a third of the size of Canva (on a balance sheet, at least). Meanwhile, Figma’s install numbers are confident. The company claims 13 million people use Figma monthly. Ninty-five percent of Fortune 500 companies use the software. And a surprising two thirds of its users aren’t designers. Figma’s public debut date and share pricing has yet to be determined, but it will go by the very cute NYSE symbol “FIG.”
Category:
E-Commerce
On Tuesday, the Senate narrowly passed President Donald Trump’s “Big, Beautiful Bill” with a 50-50 vote, with Vice President JD Vance breaking the tie, to get the legislation across the finish line after an all-night session. The bill now goes back to the House of Representatives for a final vote, as the GOP races to finish passage of the bill before the upcoming July 4 holiday weekend. Tucked away among the 940 pages of the massive bill are an array of new tax write-offs. Many of the exemptions are promises Trump made on the campaign trail when he was running for a second term. One of them, which was first introduced to the Senate in January as the No Tax on Tips Act, gives taxpayers the ability to write off income from tips and overtime pay. But here is a catch: the rule expires at the end of 2028, right before Trump leaves office. On June 16, 2025, the Senate Finance Committee released legislative text on this intended for inclusion in the Senates version of the budget reconciliation bill. The legislation gives eligible employees making up to $160,000 in 2025 an economic break (the limit will be adjusted each year for inflation). It creates new tax deductions of up to $25,000 on income made from tips, limited to cash tips, and on tips that workers report to employers for the purposes of withholding payroll taxes. It also expands the business tax credit for the portion of payroll taxes that an employer pays on certain tips, to include payroll taxes paid on tips received in connection with certain beauty services. Bill could create changes to W-2 reporting When it comes to overtime, the current legislation would require that employers specify on W-2 forms how much overtime an employee received during a given tax year, using a 1040 Form, with reporting starting as early as the 2025 tax year. The overtime deduction would be available to eligible taxpayers, regardless of whether they itemize. However, in order to claim the deduction, one would have to provide their Social Security number on their 1040 form, or that of their spouse when joint filing.
Category:
E-Commerce
Workers in about 15 locations nationwide are about to receive a boost in their paychecks, thanks to minimum wage increases that went into effect this week around the country. On Tuesday, July 1, minimum wage increases went into effect in Alaska, Oregon, and Washington D.C. Additionally, 12 cities, including Chicago and Los Angeles, are doing the same.The minimum wage hasn’t changed on a federal level since 2009. It remains stuck at $7.25. However, local governments have been moving the needle over the years, which is good news for workers, given the cost of living is at an all-time high. Previously, on January 1, 21 states increased their minimum wage, impacting some 9.2 million workers. The July 1 wage increase isn’t quite so far-reaching, but it will still impact more than 880,000 workers, according to a recent report from the Economic Policy Institute. Per the report, the wage bump will collectively raise those workers’ earnings by around $397 million. Washington, D.C., increased its minimum wage to $17.95, from $17.50. And statewide, Oregon went from $14.70 to $15.05, and Alaska, from $11.91 to $13. In other areas of the country, changes vary depending on the city or county. And in some states, the minimum wage is set to increase little by little. In Alaska, which just upped its rate by $1.09 (from $11.91 to $13), it will increase until it reaches $15 in 2027. Some wage increases depend on the size of companies, too. In Maryland’s Montgomery County, employers with 10 or fewer employees now have to pay them $15.50 an hour, up from $15. If companies have 11 to 50 employees, the rate is $16, up from $15.50. And if there are 51 or more employees, the rate is $17.65, up from $17.15. Another notable point is that some locations increased not only the minimum wage, but also the minimum wage for tipped workers (those who rely mostly on tips and a traditionally low hourly wage). In Chicago, the minimum wage went from $16.20 to $16.60. The rate for tipped workers went from $11.20 to $12.62. Currently, there are only a handful of locations with minimum wages over $20. The state of California pays fast-food workers $20 an hour, and Seattle has a minimum wage of $20.67. Now, the cities of Tukwila and Everett, Washington, have joined the over-$20-an-hour club. In Tukwila, employers with 15 to 500 workers will now pay minimum-wage employees an hourly rate of $21.10up a full dollar from $20.10. In Everett, employers with more than 500 employees will pay a minimum rate of $20.24, up from $16.66. For a full list, as well as to see other minimum wage increases set to hit in 2025, check out the National Employment Law Project’s “Raises From Coast to Coast in 2025” report. Find it here.
Category:
E-Commerce
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