Figma Adapts Employee Packages Following Adobe Deal Fallout
Figma, the San Francisco-based cloud-based designer platform, is undergoing changes in its equity packages for employees in the aftermath of the collapsed $20 billion acquisition deal with Adobe. The shift comes as current valuation stands at $10 billion, impacting employees who initially joined under the assumption of Adobe’s higher valuation.
Enhanced Equity Offerings and Optional Departure Program
In response to the altered circumstances, Figma is introducing an optional program for employees interested in parting ways with the company. Those who choose to leave by January 31 will receive three months’ worth of pay in cash. Additionally, they will be permitted to retain all vested equity, irrespective of their tenure with the company.
Acknowledging the unexpected turn of events, Figma’s spokesperson, Michael Amodeo, highlighted the startup nature of the company. He expressed enthusiasm for the upcoming chapter and extended an invitation to employees, stating, “Figma is still a startup, and while we realize this may not be what some on our team expected or signed up for, we’re fired up for the next chapter and hope Figmates choose to stay and be a part of it.”
The news of equity adjustments and the optional departure program was initially reported by Forbes. The backdrop to this development lies in Adobe’s termination of the $20 billion acquisition deal in December of the previous year. Adobe cited challenges in obtaining antitrust approvals in Europe and Britain as the primary reason for abandoning the deal. The proposed cash-and-stock acquisition, announced in September 2022, faced regulatory scrutiny due to concerns about the market power of dominant tech companies and potential threats to emerging startups viewed as rivals.
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