Figure AI sent cease-and-desist letters to secondary markets brokers

Last month, Brett Adcock, founder of a robotics startup Figure AI, claimed in a post on X that his company “is now # 1 most sought-after private stock in the secondary market.” But the company has sent cease-and-desist letters to at least two brokers who run secondary marketplaces, those brokers told TechCrunch.These people said Figure AI’s cease-and-desist letters demanded that they stop marketing the company’s stock. Both brokers said they received the letters for the first time after Bloomberg reported in mid-February that Figure was seeking a $1.5 billion round at a $39.5 billion valuation – a 15-fold increase from the $2.6 billion valuation it achieved in February, 2024. A spokesperson for Figure AI told TechCrunch that the company sends such letters when the company hasn’t authorized the broker to sell its stock, suggesting that it has a long history of sending such letters. “This year, when we discovered an unauthorized third-party broker was marketing Figure shares without ... Read full article.