So much has changed in the 9 months since Sep 2022's $20B acquisition of Figma by $ADBE: 1. Models like the ones below can radically refresh a product's feature-set with modest effort. All of a sudden, Adobe goes from laggard to leader. 2. VC funding to SMB startups has fallen off a cliff. Those SMBs, in turn, will not buy as much software as they used to because they have less money. This could potentially vaporize large parts of a startup's existing customer base. This isn't endemic to any one company but to the entire space. 3. A recession will put pressure on all companies to reign in costs. Per seat pricing models may need to pivot or suffer contraction. Would $ADBE like a mulligan or do they still want to close the deal at this price? Next few months will be dynamic...