Charted: Adobe-Figma deal is over

Adobe and Figma have terminated their $20 billion merger agreement announced last September, the companies said today.

• They cited regulatory hurdles, which surrounded the agreement from the start against the backdrop of strong antitrust regimes in both the U.S. and abroad, Axios' Kerry Flynn notes.

Flashback: Adobe investors had expressed shock at the sticker price — 40 times Figma's annual revenue run rate, Axios' Ina Fried has written. (Maybe why the stock shot up nearly 2.5% today.)

The other side: Adobe needs a rethink for the cloud era, Adobe general counsel Dana Rao previously told Ina. The Figma deal was supposed to be a start.