20VC: Figma's 250% Pop - The Greatest IPO Mispricing Ever | Meta and Microsoft Blowout Quarters: Broken Down | Cognition Raises at $15BN and Ramp at $22BN | CRV Downsizing and What It Means for LPs and GPs

In this episode of 20VC, Harry Stebbings hosts Jason Lemkin, Rory O'Driscoll, and Brian Halligan to discuss recent events in the tech and venture capital world. The panel analyzes Figma's IPO mispricing, dissecting the behind-the-scenes negotiations and the roles of founders, investment banks, and long-only funds like Fidelity. They explore the dynamics of IPO pricing, the desire for a "pop," and the impact on employees and long-term investors. The conversation shifts to CEO compensation, contrasting RSUs with PSUs and debating the merits of performance-based incentives tied to stock price versus tangible goals. The panel also discusses the current venture landscape, including the rise of moonshot packages, the potential for a bubble in AI, and the implications for companies like Canva considering going public. Finally, they debate the merits of specialist versus full-stack venture firms, using CRV's recent fund strategy as a case study.