Being an investor doesn’t necessarily entitle you to information/leverage. For example, Apple earlier had plenty of board members from competitors & they would excuse themselves from certain discussions. Similarly, an investment doesn’t guarantee you a board seat. So there’s all sorts of ways to structure things and it’s all a negotiation (e.g. the break up fee could have been a 2B investment instead or something).

Anyway, I agree this turned out phenomenally well for Figma and if I were an employee I’d be really happy about how this all turned out both for Figma and the industry (modulo the delay in cashing out).