Figma is a design startup that helps people make nice pictures for computers and phones. They recently got a lot of money from some big companies, and now they are worth $12.5 billion. This is a lot less than what Adobe, another big company, wanted to pay for them, which was $20 billion. The European Union, a big group of countries, thought that if Adobe bought Figma, it would not be fair to other companies that make similar things. So now Figma is its own company and is growing really fast. They make a lot of money by helping people make things for their computers and phones. Read from source...

1. Inconsistency: The title's claim of a $20B Adobe deal termination is contradicted in the body, which states the $20B valuation was for Adobe's potential acquisition of Figma, not a terminated deal.

2. Bias: The article focuses more on Figma's potential market dominance over Adobe and the EU's antitrust concerns, rather than a fair analysis of Figma's or Adobe's market positions.

3. Irrational arguments: The article implies that Figma's lower valuation of $12.5B signifies a weaker market position or potential failure, despite citing Figma's expected growth to exceed $1B next year.

4. Emotional behavior: The article's tone is somewhat sensationalist, implying that Figma's lower valuation and the terminated Adobe deal are significant failures or threats to the market. This is potentially misleading for readers.

bullish

Reasoning: Figma managed to secure a $12.5 billion valuation in a deal with a group of prominent firms, including Coatue Management, Alkeon Capital Management, and General Catalyst Partners. The company is expected to exceed $1 billion in annual recurring revenue by next year.

1. Figma's new investment of $12.5 billion valuation offers a nearly 40% lower valuation than the terminated $20 billion Adobe deal. It is noteworthy as investors include Coatue Management, Alkeon Capital Management, and General Catalyst Partners.

2. Figma, a San Francisco-based design startup, is expected to exceed $1 billion by next year, with the current generation of over $700 million in annual recurring revenue.

3. The proposed acquisition of Figma by Adobe raised antitrust concerns from the European Union, hinting at a potential reduction in competition and dominance of Figma over Adobe's Illustrator and Photoshop tools.

4. With the failed approval from the European Commission and the UK Competition and Markets Authority, Adobe and Figma parted ways.

Risks:

1. The failed acquisition from Adobe and antitrust concerns from the European Union may affect future acquisition opportunities.

2. Figma's rapid growth and subsequent high valuation may lead to instability and vulnerability to economic downturns.

3. Dependence on investors and secondary share sales may lead to governance risks.

4. Heavy reliance on a small number of clients for revenue may lead to concentration risks.