Anthropic CPO leaves Figma’s board after reports he will offer a competing product

Mike Krieger, the Chief Product Officer at Anthropic, has stepped down from his position on the board of Figma as of April 14. This announcement was made public by Figma, a company valued at $10 billion, through a filing with the U.S. Securities and Exchange Commission on the same day that reports surfaced about Anthropic's upcoming model, Opus 4.7. This new model is set to introduce design tools that may pose a challenge to Figma's core offerings. Figma is well-known for its innovative platform that supports user experience designers in creating interfaces for websites and applications. The company has had a close partnership with Anthropic, utilizing the advanced AI models developed by the lab to enhance its products and assist users effectively. Krieger, who previously co-founded Instagram and the AI-driven news application Artifact, took on the role of top product executive at Anthropic in 2024 and joined Figma's board less than a year ago. His resignation comes at a time when investors are closely monitoring the landscape, as concerns grow over a potential 'SAASpocalypse'—a scenario where major AI laboratories begin to overshadow traditional software businesses. This apprehension has led to notable fluctuations in the market, with iShares’s primary software ETF, IGV, experiencing nearly an 18% decline this year. Despite these challenges, Anthropic is reportedly rejecting offers from investors looking to acquire stakes in the company at a staggering $800 billion valuation, more than double its worth from earlier this year. However, both Anthropic and OpenAI face the critical task of demonstrating that their advanced models can effectively replicate the expertise and user relationships that established software brands have cultivated over time. Following the news of Krieger’s exit, Figma's stock saw a 5% increase, but the impact of the upcoming Opus release remains to be seen.