Adobe Acquires Figma for $20 Billion Amid Major Tech Shakeups
This week's biggest tech news includes Adobe's massive $20 billion acquisition of Figma, a major hack at Uber, and widespread cutbacks at Google's internal incubator. Companies across the industry are shifting their focus toward AI and profitability.
Adobe announces a massive $20 billion deal to acquire Figma, marking one of the largest tech acquisitions in history. Figma experiences incredible growth during the pandemic as remote tech teams rely on its collaborative design tools. Buying Figma allows Adobe to reclaim a crucial part of the modern design workflow that it struggles to win back on its own.
Uber confirms a significant cybersecurity incident after a hacker breaches the company's internal network. The intruder broadcasts a message directly inside Uber's internal Slack workspace to protest the company's driver pay practices. Meanwhile, Google slashes half of the projects at its in-house incubator, Area 120, as it shifts its entire focus toward building artificial intelligence projects.
Other major industry moves include Twilio laying off around 11 percent of its workforce to reach profitability in 2023. Apple releases iOS 16 to the public, bringing highly anticipated features like customizable Lock Screen widgets. In the crypto space, a South Korean court issues an arrest warrant for Terraform Labs founder Do Kwon following the catastrophic $40 billion collapse of the company's tokens earlier this year.