Figma Inc. (NASDAQ:FIG) shares declined 4.5% on Wednesday after a Form 4 filing revealed an insider sale by the company’s chief executive. The disclosure shows Dylan Field sold a block of Class A common stock valued at $4.36 million.
The filing specifies that Field disposed of 174,430 Class A shares at a weighted average price of $25.0244 on May 29. The sale was carried out through the Field 2024 GRAT Remainder Trust and was executed pursuant to a Rule 10b5-1 trading plan that Field adopted on August 4, 2025, according to the Form 4 published on Monday.
Following the transaction, the filing indicates that Field no longer holds Class A shares through that trust. He nonetheless retains substantial economic and voting exposure to Figma through Class B common stock. The filing states Field directly owns 37,987,566 Class B shares and holds additional Class B interests indirectly through various trusts and investment entities.
The downward move in Figma’s shares occurred as the broader software segment also weakened. The iShares Expanded Tech-Software Sector ETF (IGV) slipped 3.5% on Wednesday, marking a pullback after a strong run; the ETF had gained over 25% in the previous month before the reversal. The filing and market action coincided with investor rotation out of software names amid renewed concerns about AI disruption, the filing noted.
The company’s corporate documents also make clear that Class B shares can be converted into Class A shares either at the holder’s election or automatically upon certain transfers or events set forth in the company’s Amended and Restated Certificate of Incorporation.
This combination of an insider sale disclosed in a regulatory filing and a sector-wide retrenchment helps explain the near-term price pressure on Figma’s publicly traded Class A shares, while Field’s large direct and indirect holdings of Class B shares mean he continues to maintain significant stake in the company.