Not that $20B is anything to shake a stick at — but real innovation in this market will be worth one to two orders of magnitude more. Figma was scratching at this with their "whole org collab" vision and FigJam, but they lacked the vision to crack it, and their execution has been faltering since their early talent started jumping ship. Selling to a desperate Adobe, distressed by public markets, is the perfect chance to "fail up."
Why am I disappointed in Figma? Because they could have been so much more. Because in effect, they have held the creative world back by doubling down & cashing in on Adobe's corruption of design tooling. Play Adobe games, win Adobe prizes. It's just a shit game, and peanuts compared to latent opportunity in this space.