Figma shares dropped 23% on Monday, cutting into the gains the design software company posted after hitting the market last week.

The stock dropped $27.50 to $94.50 as of midday. That’s down from a close of $122 on Friday.

Figma and top stockholders sold about 37 million shares at $33 per share late Wednesday, yielding around $412 million in proceeds flowing to the company. On Thursday, its first day of trading on the New York Stock Exchange, the stock more than tripled.

The initial reception shows a renewed appetite on Wall Street for high-growth technology companies after a historically slow stretch for initial public offerings.

Figma said in an updated IPO prospectus that it expects second-quarter revenue to increase about 40% from a year earlier. But unlike many technology companies that have gone public over the past several years, Figma has regularly posted profits.

Figma’s fully diluted valuation sits at approximately $56 billion, almost triple the amount Adobe agreed to pay in its 2022 acquisition offer. Regulators in the European Union and the U.K. opposed the deal, which the two companies called off in late 2023.

Dylan Field, Figma’s 33-year-old CEO, owns stock in the company worth more than $5 billion even after Monday’s slide.

Amazon is laying off roughly 110 employees in its Wondery podcast division and the head of the group is leaving as part of a broader reshuffling of the company’s audio unit.

In a Monday note to staffers, Steve Boom, Amazon’s vice president of audio, Twitch and games, said the company is consolidating some Wondery units under its Audible audiobook and podcasting division. Wondery CEO Jen Sargent is also stepping down from her role, Boom said.

“These changes will not only better align our teams as they work to take advantage of the strategic opportunities ahead but, even more crucially, will ensure we have the right structure in place to deliver the very best experience to creators, customers and advertisers,” Boom wrote in the memo, which was viewed by CNBC. “Unfortunately, these changes also include some role reductions, and we have notified those employees this morning.”

Bloomberg was first to report on the job cuts.

The move comes nearly five years after Amazon acquired Wondery as part of a push to expand its catalog of original audio content. The podcasting company made a name for itself with hit shows like “Dirty John” and “Dr. Death.”

More recently, Wondery signed several lucrative licensing deals with Jason and Travis Kelce’s “New Heights” podcast, along with Dax Shepard’s “Armchair Expert.”

Amazon is streamlining “how Wondery further integrates” into the company by separating the teams that oversee its narrative podcasts from those developing “creator-led shows,” Boom wrote.

The narrative podcasting unit will consolidate under Audible, and creator-led content will move to a new unit within Boom’s organization in Amazon called “creator services,” he wrote.

Amazon’s audio pursuits face a heightened challenge from the growing popularity of video podcasts on Alphabet‘s YouTube, which now hosts an increasing number of shows.

Video shows require different discovery, growth and monetization strategies than “audio-first, narrative series,” Boom wrote in the memo to Amazon staffers.

“The podcast landscape has evolved significantly over the past few years,” Boom said.

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Tesla CEO Elon Musk was awarded an interim pay package of 96 million shares of the company over the weekend. The shares would be worth about $29 billion.

Tesla stock climbed about 2% Monday.

The company said in a filing Sunday that the pay package would vest in two years as long as Musk continued as CEO or in another key executive position.

The new award would be forfeited if the legal battle over his 2018 compensation ends with Musk being able to exercise the larger pay package, which was valued at $56 billion.

In January, Chancellor Kathaleen McCormick upheld a prior ruling in the case, Tornetta v. Musk, that the compensation plan was improperly granted. Tesla shareholders approved the pay package in June 2024.

The case is now before the Delaware Supreme Court.

Musk’s 2018 pay package included a set of performance targets for the company, which were all achieved.

The judge called it “the largest potential compensation opportunity ever observed in public markets” in her January decision and said it was 33 times higher than the nearest comparison, which was Musk’s prior compensation package.