The sudden winner of Figma IPO is a charity that includes 13 million shares – and a famous background that has sparked a bitter dispute over donor oil wealth

But the biggest winner in terms of immediate public subscription revenues is not a silicon investment capital companies Project indexGreylock, and Kleiner perkins, who only sold small fragments of their shares in the width. It is also none of the Figma Management Team, including the CEO of Dylan Field, who have closed most of the company’s property rights.

Instead, a charity based in Novato, California has taken the largest compensation. The Marin Community Foundation has focused an hour north of San Francisco and focused on granting issues such as education, health, economic opportunity and environmental concerns, He sold more than 13.4 million shares In the offer, which makes him the largest sales shareholder (Figma himself was sold only 12.5 million shares).

Since Figma initially priced his shares at $ 33 for pop, Marin Community Foundation sold its share to more than $ 440 million. (If you have waited, of course, this share will now be more than a billion dollars.)

The charitable organization obtained its shares in Figma during the summer of Ivan Wallace, co -founder of the company, a source familiar with Fortune. This is not necessarily a common practice before a company passes, as another source said, but it arises from time to time – a founder who has a communication with a charity that gives shares with a bullish direction. There are adjacent examples from the past, including Mark Zuckerberg in 2013 to donate a billion dollars in Facebook shares to Silicon Valley Community Foundation (although the Zuck gift occurred after the public subscription in Facebook 2012).

A spokesman for MCF described the Foundation as “one of the largest community institutions in the United States,” adding that “the community institution is a public charitable institution that manages charitable works for individuals, families and institutions.” The spokesperson declined to comment on anything specific about the Figma gift, citing its privacy policy regarding individual donors or non -profit organizations.

Why Wallace gave a gift to the institution, and whether he has any personal contact with it, is not clear. Figma refused to provide a comment on behalf of Wallace, and Fortune was unable to reach it directly. Dylan Field, CEO of Wallace and the Seing, established the company in 2012 after their meeting as students at the University of Brown. Wallace moved away from Figma in 2021 and was tending to stay away from the eyes of the audience.

Part of the charitable institution that Wallace gave stocks-MCF-Gift Fund is increasing that the Figma Founder Grant that may include a donor box called donors, which is an effective structure of taxes where the wealthy individual places money in non-profit, and then capable of directing money to various reasons. A spokesman for the Marin Community Foundation said that the MCF gift box “is easy to accept the complex gifts that can be converted into imaginary capital to enable donors to fulfill their charitable ambitions.”

But the charitable step for Figma founder has historical wrinkles that makes it more interesting …

Before Amnesty International, there was oil money

Interestingly, the Marin County Corporation, which was about it $ 2.8 billion in total assets At the end of 2024, it is in itself the product of a previous generation of major companies – bitter, Legal battle for years To control money.

The history of the Foundation dates back to Beryl and Leonard Buck, whose wealth has been associated with investing in Oil Belridge. When Pirel Back died in 1975, she gave money to the San Francisco Foundation, with a desire to use it for reasons in Marin County, where she lived in the town of Ross Tony. But when the oil giant is coincidence The rights of Belridge Oil bought after four years with more than 3.6 billion dollars, and the value of Puck Trust, which suddenly reached $ 7.6 million, was 240 million dollars (one billion dollars in dollars today), and the SF became the largest eleventh institution in the United States, according to the United States, according to the United States, according to the United States, according to the United States History on his website.

The problem was, as SF explained, “We found ourselves in an uncomfortable position to grant tens of millions of dollars every year (much more than we gave all other provinces combined) to the richest boycott in the Gulf region.”

Or as a story in I noticed Los Angeles Times At that time, one of the most resource charities in the country was stuck in searching for ways to spend all the money in the “American hot tube capital”.

When the Foundation went to the court to obtain permission to spend some money in other parts of the Gulf region, this was followed by a general fire storm. This step was distinguished as a threat to the sanctity of the commandments and the validity of charitable works, as a crime against capitalism, the American way of life, and God, ” Professor of Law College Yale John J. Simon He wrote about the case. “The employees of the Foundation were said to be corrupt and faithful, and in the language of the supervisor of Marin Province,” the tribal jewelery. ”

In the end, the San Francisco Foundation lost its battle, and a new organization –Marin Society CorporationIt was created in 1986 to manage Back Trust.

Now, after 39 years, the Marin County Foundation gets another huge increase. Whether Wallace realizes the controversial and craving story behind the basis he chose is a mystery. However, frankly or not, the isolated Figma founder was able to restore the foundation in the main titles on the threshold of another historical moment in the history of business and create wealth.