Adobe and Figma call off $20 billion merger
Summary
"While Adobe and Figma shared a vision to jointly redefine the future of creativity and productivity, we continue to be well positioned to capitalize on our massive market opportunity and mission to change the world through personalized digital experiences." The news is a sudden pivot from Narayens latest talking points, as he told CNBC Wednesday that the company believes in the acquisition and its benefits for consumers. In May, after the U.K.s competition watchdog cited potentially anti-competitive effects, Meta sold Giphy to photo marketplace Shutterstock for $53 million, three years after it first acquired it. In Mondays joint statement, Figma CEO Dylan Field wrote that "going through this process with Shantanu, David and the Adobe team has only reinforced my belief in the merits of this deal, but its become increasingly clear over the past few months that regulators dont see things the same way." "We will continue to look for ways to partner with Figma to delight our joint customers," David Wadhwani, a senior vice president at Adobe, wrote in a separate blog post.
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