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The analyses

The Counterfactual · Decision Forks
Regulators Didn't Kill the Figma Deal. Adobe Did, a Year Before They Showed Up.
Adobe walked away from buying Figma and paid a $1B breakup fee. The story is that regulators blocked it. The truth is Adobe had already mothballed Adobe XD and killed Project Spice in September 2022 - handing the CMA the exact evidence it needed.
8 min