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The $20 billion deal for Adobe to buy Figma, a San Francisco start-up, fell apart after regulatory scrutiny. Figma has now reset its internal valuation to $10 billion, which is half of what Adobe was planning to pay. Some employees, who were expecting large windfalls, are now deflated and Figma has offered severance to workers who wanted to quit.
In recent weeks, Figma said it had reset its internal valuation to $10 billion, half of what Adobe planned to pay for it.
Figma is also struggling with a changing tech industry that is focused on artificial intelligence. The start-up is trying to continue expanding at a fast pace to win customers, attract new workers, and satisfy investors. This situation has left some employees feeling like the rug has been pulled out from beneath them.
It really does feel like the rug got pulled out from underneath you, said Jason Pearson, who left Figma in 2021 and owns company stock.