Figma’s $50B debut turns heads, Trump’s White House ballroom plan stirs buzz, and Starbucks tries clean eating

1st August,2025

Design software darling Figma hit the public markets with a bang, surging nearly 158% in its debut and reigniting investor appetite for high-growth tech IPOs. Trump is drawing both praise and fire for a proposed $200M White House ballroom set to open by 2029. Starbucks, meanwhile, is betting on cleaner, wellness-forward drinks as it tries to reverse slumping sales. Plus: a Hermès heir’s missing fortune, the U.S. and South Korea strike a big new trade deal. All this and more in today’s Read It And Eat!

Major Headlines 

• Figma skyrockets 158% in blockbuster debut, signals IPO thaw

  
  

• Figma (FIG.N) shares soared nearly 158% in a dazzling market debut on Thursday, valuing the design software maker at around $50 billion and igniting hopes for a revival in high-growth tech listings. The U.S. IPO market, which had stalled briefly in April amid tariff-driven volatility, appears to be rebounding and could be closing the chapter on a nearly three-year drought. Figma’s opening valuation far exceeds the $20 billion price tag from a now-abandoned acquisition deal with Adobe (ADBE.O) in December 2023. “Fast-growing software IPOs have been extremely rare during the past three years, so deals like this tend to get a lot of attention,” said Matt Kennedy, senior strategist at Renaissance Capital, a firm specializing in IPO research and ETFs. “Because of this three-year bottleneck, tech IPO investors have been starved for new deals.” Figma’s stock opened at $85 per share on the New York Stock Exchange, trading nearly 200% above its IPO price of $33 by the afternoon. The surge mirrors a recent wave of strong post-listing performances among tech IPOs, fueling investor optimism for new offerings from high-growth and AI-driven startups.

  
  

  “From a private markets perspective, Figma’s IPO is a bellwether event for the tech sector,” said Derek Hernandez, senior analyst of emerging technology at PitchBook. Figma, known for its collaborative design software used to build websites, apps, and digital products, counts Netflix (NFLX.O), Airbnb (ABNB.O), and Duolingo (DUOL.O) among its clients. Its backers include Silicon Valley giants Kleiner Perkins and Sequoia Capital. “If you look at Figma’s positioning around AI, and its ability to deliver massively improved experiences to customers with AI, that was not obvious back in 2022,” said Andrew Reed, a partner at Sequoia Capital and a Figma board member. Sequoia first invested in Figma at $1.10 per share during the firm’s Series C round. With Figma pricing its IPO at $33, the VC firm stands to make a massive return on its estimated $150 million investment, according to a source familiar with the matter. Meanwhile, broader markets hit new record highs on Thursday as Microsoft’s blockbuster earnings further boosted confidence in Big Tech’s heavy bets on artificial intelligence. Reuters

  
  
  
  

• Trump wants to build a $200M White House ballroom by 2029

  
  

• President Donald Trump has announced plans to construct a massive $200 million ballroom at the White House—marking the most significant structural addition to the mansion since the Truman Balcony in 1948. Construction is slated to start in September and wrap before the end of Trump’s term in early 2029. The idea: finally give the Executive Mansion a space fit for grand events without resorting to tents on the lawn. “I’m good at building things and we’re going to build quickly and on time,” Trump said. “It’ll be beautiful, top, top of the line.” The new 90,000-square-foot facility will be adjacent to, but not physically attached to, the White House, and replace the East Wing during construction. It will have a seated capacity of 650 people. Offices housed in the East Wing, including those of the first lady, will be temporarily relocated.

  
  

  Trump has already reimagined the Oval Office with golden flourishes, presidential portraits, and towering flagpoles. White House Chief of Staff Susie Wiles said Trump is “fully committed” to preserving the building’s history and heritage. Construction will be led by Clark Construction with architectural design by McCrery Architects and engineering support from AECOM. White House Press Secretary Karoline Leavitt said the costs will be funded through private donations, though she did not disclose the list of donors. “This will be a legacy project,” Trump said. “It’ll serve presidents for generations to come.” Financial Times  

  
  
  
  

• Starbucks overhauls its menu for the wellness generation

  
  

• Starbucks is brewing up a cleaner, more health-conscious menu as it tries to win back traffic and reverse a persistent sales slump. Think matcha without sweeteners, coconut-water cold brews, agave-sweetened syrups, and protein-packed cold foam. The Seattle-based coffee chain is also doubling down on vegetarian, vegan, and gluten-free options. CEO Brian Niccol’s turnaround play comes as the company reported its sixth straight quarterly same-store sales decline and deeper-than-expected profit losses. Dana Pellicano, Starbucks’ head of product development, says sugar reduction is a top priority. "We're working on options for people who want to feel good about their choices," she said. This week, selected New York stores began testing coconut water-based drinks with one-third the sugar of typical refreshers. Regional pilots are expected to follow.

  
  

  The company is also phasing out added sugar in matcha and exploring natural sweeteners like dates, agave, and coconut. Early this year, Starbucks debuted low-calorie Frappuccinos and sugar-free energy drinks. The chain walks a tricky line: its sugar-laden Frappuccinos are traffic drivers, but the wellness-minded customer base is growing fast. Niccol has aligned with U.S. Health and Human Services Secretary Robert F. Kennedy Jr. in support of a broader "MAHA" initiative—a push toward metabolically healthy alternatives. From nutrient-dense foods to customizable beverage tweaks, everything goes through five-store pilots before wider rollouts. “We are the industry leader in customization,” Pellicano said. “It’s about offering more—not less.” Bloomberg

  
  
  
  

• Hermès heir's missing $16B stake can't be recovered, chairman says

  
  

• Hermès shares worth €14B (US$16.2B) inherited by Nicolas Puech—an heir to the fashion house behind the iconic Birkin bag—are officially lost, according to company chairman Axel Dumas. “We’ve started legal proceedings,” Dumas said on an earnings call, stating that Puech no longer holds the shares and that they likely can’t be restored.

  
  

  The decades-long mystery centers on Puech’s decision in 2010 to help LVMH’s Bernard Arnault secretly acquire a stake in Hermès—breaking ranks with his family. Arnault’s takeover ultimately failed, and Puech stepped down from the board in 2014. The shares in question are bearer shares, which don’t list an owner and are notoriously hard to trace.

  A 2023 Geneva court case saw Puech claim his longtime wealth manager Eric Freymond mishandled the fortune. But the court rejected the claim, noting Puech voluntarily handed over control. Freymond died last week. If Puech still held the shares, he’d be Hermès’ largest individual shareholder. The Hermès family—now over 100 members strong—is one of Europe’s wealthiest dynasties.  Bloomberg 

Minor Headlines 

• US Army pools contracts into up to $10B Palantir deal — Reuters

  
  

• Uber says some sexual assault accusers submitted fake receipts —  Reuters

  
  

• Amazon CEO wants to put ads in your Alexa+ conversations — TechCrunch

  
  

• OpenAI to launch AI data center in Norway, its first in Europe — TechCrunch

  
  

• Zuckerberg says people without AI glasses will be at a disadvantage in the future — TechCrunch

  
  

• Handwave lends a hand to retailers with its European alternative to Amazon’s palm payments — TechCrunch

  
  

• Rio Tinto’s profits drop as Trump trade tumult hits miners — Bloomberg

  
  

• U.S. and South Korea strike a trade deal with tariffs on Seoul set at 15% CNBC

  
  

• U.S. and South Korea strike a trade deal with tariffs on Seoul set at 15% —CNBC

  
  

Earning Headlines 

Technology 

• Meta crushed Q2 with a beat-and-raise on the back AI-driven efficiency and gains across ad systems and broad DAU growth; the firm also raised CapEx projections amid its 'superintelligence' push marked by high-profile talent poaching, where compensation related to hiring will be the second-largest driver of expense growth (CNBC) 

• Microsoft topped Q2 earnings and revenue estimates on continued growth in Azure cloud and cloud services and Office and forecast a record $30B in Q3 CapEx as its AI investment pays off; Microsoft became the second company ever to hit a $4T market cap (CNBC) 

• Spotify missed Q2 earnings and revenue estimates and gave poor Q3 guidance despite a 10% rise in revenues and 11% rise in MAU amid weakness in its ads business (BBG) 

Fintech & Payments

• Robinhood topped Q2 earnings and revenue estimates as options trading boosted transaction-based revenue, while crypto and equities lagged; the firm is closing the gap with Coinbase as it pushes beyond retail trading into full-scale wealth management (CNBC) 

• Visa beat Q2 earnings and revenue estimates, with earnings up 19% and revenue rising 14% YoY to a record driven by 12% growth in cross-border volume and 10% more processed transactions on the back of resilient consumer spending (BBG) 

• PayPal beat Q2 earnings and revenue estimates with sales up 5% YoY and total payment volume ahead of expectations; Venmo revenue grew over 20% for a second-straight quarter (CNBC) 

Banking & Insurance

• HSBC Q2 profits fell 29% profits on an impairment charge to its stake in China's Bank of Communications and broad restructuring costs related to the bank's overhaul (FT)

• UnitedHealth Group beat Q2 revenue estimates but missed on earnings and lowered FY earnings guidance due to rising medical costs; the firm acknowledged pricing and operational mistakes and the need for fundamental reorientation (CNBC) 

Automotive

• Ford beat Q2 earnings and revenue estimates with US vehicle sales rising 14% as hybrid sales offset a slump in EVs; the firm reinstated FY guidance, despite a $2B net tariff hit contributing to its first loss since 2023, citing strong execution of its Ford+ plan and improved cost and quality controls (CNBC)

• Volkswagen reported a $1.5B H1 hit from tariffs and cut its FY sales and profit margin forecasts as tariffs added to troubles amid on-going stiff competition from Chinese EVs (RT)

• Carvana topped Q2 earnings and revenue estimates on a sixfold surge in profit on record used car sales and $274M in loan gains (BBG) 

Consumer & Retail

• Kraft Heinz beat Q2 earnings and revenue estimates and reaffirmed its FY outlook as price increases helped offset a 2% drop in organic revenue amid inflationary pressures, competition, and shifting consumer preferences toward healthier options; the firm is planning a major breakup (BBG)

• Hershey beat Q2 earnings and revenue estimates driven by strong sales and market-share gains in US confectionery and salty-snacks, though it lowered FY guidance due to rising tariff expenses and cocoa costs (MNS)

• Starbucks beat Q3 revenue estimates on a 4% YoY net sales growth but missed on earnings amid a sixth-straight same-store sales decline as the firm's ambitious turnaround under new CEO Brian Niccol is yet to reflect (CNBC) 

• Whirlpool missed Q2 earnings and revenue estimates and cut FY earnings guidance amid volume and share pressure from a pre-tariff import surge, but expects recovery as higher tariffs take hold (WSJ)

Aerospace & Defense

• Boeing beat Q2 earnings and revenue estimates as sales jumped 81% YoY in its commercial airplane unit and losses halved; the firm highlighted increased 737 Max production to 38 aircraft per month and called 2025 a potential turnaround year (CNBC) 

Travel & Leisure

• Booking Holdings topped Q2 earnings and revenue estimates with 32% and 16% YoY growth respectively, but issued a cautious Q3 outlook amid macroeconomic and geopolitical uncertainty (BBG)

Logistics & Freight

• UPS met Q2 revenue estimates but missed on earnings and withdrew FY guidance due to macro uncertainty and a 'dynamic and evolving trade environment' referencing pressure from de-minimis tariffs and shifting trade policy (WSJ) 

Consulting & Services

• Booz Allen Hamilton beat Q2 earnings estimates but missed on revenue as DOGE cuts and federal contract cancellations, though it maintained its FY outlook (INV) 

Waste Management

• Waste Management beat Q2 earnings and revenue estimates with a 19% YoY revenue increase but lowered FY guidance below estimates due to weaker recycled commodity prices and weather-related volume impacts. — (INV)