ALL HAIL THE DEMISE OF ADOBE-FIGMA

Summary from the TLDR Founders newsletter

Adobe tried to buy Figma for $20 billion in 2022, double its private valuation, in what looked like a classic incumbent squashing a competitor. The deal fell apart under regulatory scrutiny. Fast forward to this week - Figma went public at $55 billion, nearly triple what Adobe offered. The math on who won: Figma's backers went from almost selling at $20 billion to holding shares worth $55 billion, Figma got a $1 billion breakup fee from Adobe, and customers get actual competition instead of another Adobe monopoly.