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Dylan Field, Figma’s 33-year-old cofounder, is a former LinkedIn intern who launched the $68 billion Wall Street darling with $100k from Peter Thiel

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Fifteen years ago, Dylan Field was a freshman computer science student at Brown University. On Thursday, the company he started in college and now runs, Figma, made its blockbuster debut on the New York Stock Exchange, marking the largest U.S. venture-capital-backed tech IPO in four years. 

Figma’s stock surged 250% on its debut, making it the largest first-day pop for a billion-dollar tech IPO and cementing its status as a bellwether for a resurgent tech IPO market. Demand was so intense that many hopeful investors received only a handful of shares, while trading was temporarily halted due to volatility.

Closing at $115.50, the IPO instantly catapulted Figma’s valuation to nearly $68 billion—more than triple Adobe’s failed $20 billion acquisition offer for the company just two years ago. 

The multibillion-dollar company, however, began with an idea thought up by Field and cofounder Evan Wallace, who was a Brown teaching assistant at the time. The duo explored the potential of new browser technologies and began brainstorming ways to democratize creative design through software. But it wasn’t until 2012, when Field was awarded the prestigious Thiel Fellowship, a $100,000 grant for young entrepreneurs willing to leave college that he and Wallace dove headfirst into what became Figma, the popular web-based design tool used for user interface and user experience design.

Field, now 33, was always a high achiever, especially with technology. At age three, he taught himself to use his family computer, and his interest in robotics began early in childhood. In the early 1990s, Field also worked as a child actor, starring in several commercials, including one for Windows XP. But ultimately his academic successes landed him at the Rhode Island Ivy League school and several competitive tech internships.

The Penngrove, Calif., native held several part-time gigs while studying at Brown, including a nine-month stint as a research assistant at Microsoft, a four-month data analytics internship at LinkedIn, and two internships at aggregation software company Flipboard—first as a software engineering intern and then a product design intern. His second Flipboard stint was part of the Kleiner Perkins Fellows Program, a highly competitive program that places selected students with companies in the Kleiner Perkins portfolio.

It was through his LinkedIn and Flipboard jobs that Field secured seed investments for his entrepreneurial ventures and eventually propelled himself to billionaire status by 33 years-old. Both his LinkedIn manager Peter Skomoroch and Danny Rimer, a general partner at Index Ventures who recognized Field’s potential during a Flipboard board presentation, helped the young founder finance his start. 

“Here was this 19-year-old, who had a lot of clarity about what he wanted to do—democratize the world of design, and provide tools to everyone,” Rimer told Fortune in 2023. “He had this ambition of dropping out of university to go after this crazy idea, where it’s clear that he’s not going to be able to come up with a product for over two years. In the world of move-fast-break-things, here were two folks [Field and Wallace] who were saying, ‘We’re not going to have anything for two years, so we hope you’re comfortable with that.’”

Other early Figma investors included Phoenix Court and Greylock Partners.

Index Ventures ultimately led Figma’s 2013 seed round with a $1.7 million investment. And in the following 12 years, the fund reportedly invested $86.5 million in the company.

Much like Rimer predicted, it took Field and Wallace until September 2016 to launch the product publicly, after years of meticulous planning to create the so-called Google Docs for graphic designers. By 2018, the company was valued at $115 million, a figure that skyrocketed during the pandemic. In June 2021, Figma’s valuation was $10 billion. That same year, Wallace left the company. 

In September 2022, Adobe announced plans to acquire Figma for $20 billion, a deal which would have made Field—then just 30 years old—a billionaire several times over. But regulatory roadblocks killed the deal in 2023, and as part of the cancellation, Adobe paid Figma a $1 billion breakup fee.

Figma and Field soldiered on, despite the failed acquisition. The company’s 2024 revenue reached $749 million, up 48% from 2023. And in the first quarter of 2025, revenue grew 46% year over year. Figma, as of early 2025, has 13 million monthly active users, and 95% of Fortune 500 companies use the software.

Now, as Figma closes its first, astonishing chapter as a public company, Field shows no sign of slowing down. “We know this is just the start,” Field wrote in a statement after ringing the opening bell. “This is a vision that will play out over many decades and I believe Figma’s most innovative days are ahead.”

Figma declined a Fortune request for comment.



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Construction workers are earning up to 30% more in the data center boom

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December 5, 2025

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Big Tech’s AI arms race is fueling a massive investment surge in data centers with construction worker labor valued at a premium. 

Despite some concerns of an AI bubble, data center hyperscalers like Google, Amazon, and Meta continue to invest heavily into AI infrastructure. In effect, construction workers’ salaries are being inflated to satisfy a seemingly insatiable AI demand, experts tell Fortune.

In 2026 alone, upwards of $100 billion could be invested by tech companies into the data center buildout in the U.S., Raul Martynek, the CEO of DataBank, a company that contracts with tech giants to construct data centers, told Fortune.

In November, Bank of Americaestimated global hyperscale spending is rising 67% in 2025 and another 31% in 2026, totaling a massive $611 billion investment for the AI buildout in just two years.

Given the high demand, construction workers are experiencing a pay bump for data center projects.

Construction projects generally operate on tight margins, with clients being very cost-conscious, Fraser Patterson, CEO of Skillit, an AI-powered hiring platform for construction workers, told Fortune.

But some of the top 50 contractors by size in the country have seen their revenue double in a 12-month period based on data center construction, which is allowing them to pay their workers more, according to Patterson.

“Because of the huge demand and the nature of this construction work, which is fueling the arms race of AI… the budgets are not as tight,” he said. “I would say they’re a little more frothy.”

On Skillit, the average salary for construction projects that aren’t building data centers is $62,000, or $29.80 an hour, Patterson said. The workers that use the platform comprise 40 different trades and have a wide range of experience from heavy equipment operators to electricians, with eight years as the average years of experience.

But when it comes to data centers, the same workers make an average salary of $81,800 or $39.33 per hour, Patterson said, increasing salaries by just under 32% on average.

Some construction workers are even hitting the six-figure mark after their salaries rose for data center projects, according to The Wall Street Journal. And the data center boom doesn’t show any signs it’s slowing down anytime soon.

Tech companies like Google, Amazon, and Microsoft operate 522 data centers and are developing 411 more, according to The Wall Street Journal, citing data from Synergy Research Group. 

Patterson said construction workers are being paid more to work on building data centers in part due to condensed project timelines, which require complex coordination or machinery and skilled labor.

Projects that would usually take a couple of years to finish are being completed—in some instances—as quickly as six months, he said.

It is unclear how long the data center boom might last, but Patterson said it has in part convinced a growing number of Gen Z workers and recent college grads to choose construction trades as their career path.

“AI is creating a lot of job anxiety around knowledge workers,” Patterson said. “Construction work is, by definition, very hard to automate.”

“I think you’re starting to see a change in the labor market,” he added.



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Netflix cofounder started his career selling vacuums door-to-door before college—now, his $440 billion streaming giant is buying Warner Bros. and HBO

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December 5, 2025

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Reed Hastings may soon pull off one of the biggest deals in entertainment history. On Thursday, Netflix announced plans to acquire Warner Bros.—home to franchises like Dune, Harry Potter, and DC Universe, along with streamer HBO Max—in a total enterprise value deal of $83 billion. The move is set to cement Netflix as a media juggernaut that now rivals the legacy Hollywood giants it once disrupted.

It’s a remarkable trajectory for Netflix’s cofounder, Hastings—a self-made billionaire who found a love for business starting as a teenage door-to-door salesperson.

“I took a year off between high school and college and sold Rainbow vacuum cleaners door to door,” Hastings recalled to The New York Timesin 2006. “I started it as a summer job and found I liked it. As a sales pitch, I cleaned the carpet with the vacuum the customer had and then cleaned it with the Rainbow.”

That scrappy sales job was the first exposure to how to properly read customers—an instinct that would later shape Netflix’s user-obsessed culture. After graduating from Bowdoin College in 1983, Hastings considered joining the Marine Corps but ultimately joined the Peace Corps, teaching math in Eswatini for two years. When he returned to the U.S., he obtained a master’s in computer science from Stanford and began his career in tech.

The idea for Netflix reportedly came a few years later in the late 1990s. After misplacing a VHS copy of Apollo 13 and getting hit with a $40 late fee at Blockbuster, Hastings began exploring a mail-order rental service. While it’s an origin story that has since been debated, it marked the start of a company that would reshape global entertainment.

Hastings stepped back as CEO in 2023 and now serves as Netflix’s chairman of the board. He has amassed a net worth of about $5.6 billion. He’d be even richer if he didn’t keep offloading his shares in the company and making record-breaking charitable donations.

Netflix’s secret for success: finding the right people

Hastings has long said that one of the biggest drivers of Netflix’s success is its focus on hiring and keeping exceptional talent.

“If you’re going to win the championship, you got to have incredible talent in every position. And that’s how we think about it,” he told CNBC in 2020. “We encourage people to focus on who of your employees would you fight hard to keep if they were going to another company? And those are the ones we want to hold onto.”

To secure top performers, Hastings said he was more than willing to pay for above-market rates. 

“With a fixed amount of money for salaries and a project I needed to complete, I had a choice: Hire 10 to 25 average engineers, or hire one ‘rock-star’ and pay significantly more than what I’d pay the others, if necessary,” Hastings wrote. “Over the years, I’ve come to see that the best programmer doesn’t add 10 times the value. He or she adds more like a 100 times.”

That mindset also guided Netflix’s leadership transition. When Hastings stepped back from the C-suite, the company didn’t pick a single successor—it picked two. Greg Peters joined Ted Sarandos as co-CEO in 2023.

“It’s a high-performance technique,” Hastings said, speaking about the co-CEO model. “It’s not for most situations and most companies. But if you’ve got two people that work really well together and complement and extend and trust each other, then it’s worth doing.”

Netflix’s stock has soared more than 80,000% since its IPO in 2002, adjusting for stock splits.

Netflix brought unlimited PTO into the mainstream

Netflix’s flexible workplace culture has also played a key role in its success, with Hastings often known for prioritizing time off to recharge. 

“I take a lot of vacation, and I’m hoping that certainly sets an example,” the former CEO said in 2015. “It is helpful. You often do your best thinking when you’re off hiking in some mountain or something. You get a different perspective on things.”

The company was one of the first to introduce unlimited PTO, a policy that many firms have since adopted. About 57% of retail investors have said it could improve overall company performance, according to a survey by Bloomberg. Critics have argued that such policies can backfire when employees feel guilty taking time off, but Hastings has maintained that freedom is core to Netflix’s identity. 

“We are fundamentally dedicated to employee freedom because that makes us more flexible, and we’ve had to adapt so much back from DVD by mail to leading streaming today,” Hastings said. “If you give employees freedom you’ve got a better chance at that success.”

Netflix’s other cofounder, Marc Randolph, embraced a similar philosophy of valuing work-life balance.

“For over thirty years, I had a hard cut-off on Tuesdays. Rain or shine, I left at exactly 5 p.m. and spent the evening with my best friend. We would go to a movie, have dinner, or just go window-shopping downtown together,” Randolph wrote in a LinkedIn post.

“Those Tuesday nights kept me sane. And they put the rest of my work in perspective.”



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‘This species is recovering’: Jaguar spotted in Arizona, far from Central and South American core

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December 5, 2025

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The spots gave it away. Just like a human fingerprint, the rosette pattern on each jaguar is unique so researchers knew they had a new animal on their hands after reviewing images captured by a remote camera in southern Arizona.

The University of Arizona Wild Cat Research and Conservation Center says it’s the fifth big cat over the last 15 years to be spotted in the area after crossing the U.S.-Mexico border. The animal was captured by the camera as it visited a watering hole in November, its distinctive spots setting it apart from previous sightings.

“We’re very excited. It signifies this edge population of jaguars continues to come here because they’re finding what they need,” Susan Malusa, director of the center’s jaguar and ocelot project, said during an interview Thursday.

The team is now working to collect scat samples to conduct genetic analysis and determine the sex and other details about the new jaguar, including what it likes to eat. The menu can include everything from skunks and javelina to small deer.

As an indicator species, Malusa said the continued presence of big cats in the region suggests a healthy landscape but that climate change and border barriers can threaten migratory corridors. She explained that warming temperatures and significant drought increase the urgency to ensure connectivity for jaguars with their historic range in Arizona.

More than 99% of the jaguar’s range is found in Central and South America, and the few male jaguars that have been spotted in the U.S. are believed to have dispersed from core populations in Mexico, according to the U.S. Fish and Wildlife Service. Officials have said that jaguar breeding in the U.S. has not been documented in more than 100 years.

Federal biologists have listed primary threats to the endangered species as habitat loss and fragmentation along with the animals being targeted for trophies and illegal trade.

The Fish and Wildlife Service issued a final rule in 2024, revising the habitat set aside for jaguars in response to a legal challenge. The area was reduced to about 1,000 square miles (2,590 square kilometers) in Arizona’s Pima, Santa Cruz and Cochise counties.

Recent detection data supports findings that a jaguar appears every few years, Malusa said, with movement often tied to the availability of water. When food and water are plentiful, there’s less movement.

In the case of Jaguar #5, she said it was remarkable that the cat kept returning to the area over a 10-day period. Otherwise, she described the animals as quite elusive.

“That’s the message — that this species is recovering,” Malusa said. “We want people to know that and that we still do have a chance to get it right and keep these corridors open.”



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