[neosat]

Adobe pays a high valuation in an inflated market for Figma, to continue showing growth that has mostly stalled. Also helps them cross-sell their other products once they get into smaller companies where Figma has a strong foothold.

Market Tanks, valuations tank (to reasonable levels or perhaps still slightly inflated levels but not as crazy as before)

Generative AI brings a new threat (and new potential acquisition targets in the near future)

Adobe: How do we get out of this (now) bad deal? .....Oh wait..

DOJ: Preps anti-trust suit

... now Speculating....

Adobe doesn't really contend strongly the anti trust charge. Pays $1B or so (saves $19B for future acquisitions)

Figma......some dreams crushed, but I guess $1B is not too shabby

[eastbound]

Why don’t such companies just create a venture fund with 49% ownership to buy all the small actors? They could even call it “funding the competition so that there is some”.

[ohmanjjj]

Ericsson tried that strategy with Vonage. Failed and paid $6B for a $500M business at best.

[danielfoster]

This would be an interesting play, but Adobe likely agreed to use "best efforts" to complete the transaction as part of the deal. This would include putting up a strong defense to any anti-trust lawsuits Any sort of shenanigans in this area would almost certainly leave a paper trail.