ADOBE GIVES UP ON $20 BILLION ACQUISITION OF FIGMA

Summary from the TLDR newsletter

Adobe has abandoned its acquisition of product design software company Figma as there was no clear path for regulatory approval for the deal. Both UK and EU competition regulators have probed the deal due to the impact it would have on the product design, image editing, and illustration markets. Adobe will pay Figma $1 billion as a termination fee as per the terms of the merger agreement.