Adobe did not buy Figma at a 50x multiple because it thinks Figma is worth that much. It bought the company at 50x because it was a number Figma's board couldn't say no to, and removes their stiffest competition in a quarter century in the process.

Means nothing unless your startup will eat adobes lunch.

It seems strange to me - if the only possible way of valuing Figma at it's sale price is to assume that Adobe is doing something massively anti-competitive then surely a regulator can't stand for that right?

factor in lost revenue due to market cannibalization for adobe? might make more sense

The regulators should be blocking such acquisitions

undefined