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🤝 Adobe + Figma, explained

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If you’ve ever wanted to roast s’mores at your kitchen table, Solo Stove just released the Mesa, a 7-by-5-inch tabletop firepit.

In today’s email:

  • Adobe: If you can’t beat ‘em, buy ‘em.
  • Chart: The royal family’s wealth.
  • Digits: Jordan, Ferrari, and Yellen.
  • Around the Web: Escaping thinking traps, a history lesson, uncovering soundtracks, and more cool internet finds.

🎧 On the go? Listen to today’s podcast to hear about the helluva week we just had between Adobe, Figma, and Canva. Plus: an odd Uber hack, a warning from FedEx, and more.

The big idea
Figma logo

Adobe just acquired its biggest threat

In the world of design, Adobe has reigned supreme for years.

Still, many analysts viewed design startup Figma as a serious challenger, thanks in part to its annual recurring revenue, which has been doubling year after year.

By announcing plans to acquire Figma for $20B, Adobe eliminated a budding rival and made a big bet on the future of design in the process, per The Verge.

Figma…

… was founded in 2012, when co-founder Dylan Field dropped out of Brown University to accept a grant from Peter Thiel.

His premise was simple: Design is a team sport, and browser-based apps make collaboration easier than desktop apps like Adobe Photoshop.

  • By 2021, Figma’s rapid growth helped it reach “decacorn” status by securing $200m at a $10B valuation.
  • Just over a year later, Adobe offered to pay 2x that to buy the company, betting that the future of design will be browser-based.

The deal will make Field the wealthiest recipient of the Thiel Fellowship, given his $2B+ stake in Figma.

This isn’t Adobe’s first acquisition

When finalized, Figma will mark the company’s third $1B+ acquisition since 2020. Critics argue this consolidation could lead to less innovation as Adobe absorbs competitors into its creative suite.

  • In Figma’s case, Adobe CPO Scott Belsky says the company plans to give Field and team “complete autonomy.”

But Adobe still has competition. Canva, a popular graphic design tool, recently announced its own suite of tools that could eventually rival Adobe’s Creative Cloud.

That is, if Adobe doesn’t acquire them first.

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SNIPPETS

Uber was reportedly hacked by an 18-year-old, who told employees about the hack in Uber’s company Slack channel.

Uh-oh: FedEx CEO Raj Subramaniam said the company is seeing declining shipment volume in every segment around the globe, sparking recessionary concerns.

The White House released its first framework for developing digital assets like cryptocurrency responsibly.

TerraUSD founder Do Kwon said he’s not “on the run” in response to reports that he left Singapore. Kwon is facing arrest in South Korea after his stablecoins lost $60B in value.

The Dynamic Island, the shape-shifting notch feature on iPhone 14 Pros, was partly designed by Chan Karunamuni, who shared a cool clip highlighting its fluid animations.

That was fast: Indian billionaire Gautam Adani is now the world’s second-richest person with his $146.9B fortune, unseating Jeff Bezos whose net worth slid to ~$145.8. Elon Musk remains in the top spot with $260B.

Intuitive Machines, a space company focused on lunar vehicles, announced that it will go public in a SPAC deal worth ~$1B.

Mentor musts: A good mentor can be the secret to excelling in your career — if you use their time wisely. The Hustle Blog compiled 40 questions to ask your mentor in your next meeting.

Chart
estimated value of royal family's wealth

Selina Lee

How much is the royal family worth?

A lot. The New York Times broke down some of their ~$28B fortune into four buckets. (Vocab lesson for non-Brits: a duchy is a territory controlled by a duke or duchess.)

The Crown Estate: $19B+

It oversees the monarchy’s assets — a vast array of real estate and farmland. It’s controlled by a board of directors, chaired by King Charles III.

The Duchy of Cornwall: $1.4B

It was established in 1337 to generate income for the heir, who controls it. Currently, that’s King Charles III’s eldest son, Prince William.

It includes 130k acres of real estate — vacation rentals, farmland, commercial space, and The Oval cricket ground — reeling in millions annually.

The Duchy of Lancaster: $949m

Established in 1399 to generate income for the sovereign, it contains 45.7k acres of commercial, residential, and agricultural assets. In 2022, it pulled in ~$27.3m.

The family’s private fortune: ~$430m

That’s the late queen’s estimated net worth, including inherited assets.

BTW: King Charles III also inherited a cursed crown. It contains the plundered Kohinoor diamond, said to bring misfortune to any man who wears it.

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Free Resource

An intro to coding in Python

Whatever beautiful code looks like is lost on most of us.

Well, don’t get sad. Do something about it. Python is often called the top programming language for beginner software developers because it’s easier to learn and extremely versatile.

But before you dive into the robust language used by data analysts, cloud computing experts, and full-stack engineers, see HubSpot’s crisp Introduction to Python.

Featured in the free ebook (PDF):

  • The power of Python
  • Use cases across industries
  • Methods and functions glossary
  • Coding standards and best practices
  • Overview of advanced Python features
  • Links to convenient education resources…

… like research publications, frameworks, and a browser-based code editor.

Why pick Python? →
Numbers
collage

Digits: Jordan, Ferrari, and Yellen

1) A jersey Michael Jordan wore in the first game of the 1998 NBA Finals sold for $10.1m, making it the highest-priced game-worn memorabilia ever.

2) Ferrari debuted its first-ever four-door model — the $389k Purosangue, Italian for “thoroughbred.” The company plans to make a maximum of ~3k units annually.

3) In 2017, Treasury Secretary Janet Yellen inherited her mother’s stamp collection, worth between $15,001 and $50k. It’s led some to believe she’s an avid collector herself, though that’s reportedly not the case.

4) Apple reportedly spent $120m on an Oscar-contending Civil War era film called Emancipation, starring Will Smith. Problem is, Will Smith was banned from the Oscars for a decade; now the company isn’t sure when to release it.

5) The Ethereum Merge will reduce the preeminent crypto network’s annual electricity use by 99.9% and its CO2 emissions from ~11m tons to ~870 tons, less than what’s needed to power 100 US homes for a year.

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AROUND THE WEB

🇳🇿 On this day: In 1893, New Zealand became the first country to give women the right to vote.

🧠 How to: Focusing on what’s bad? Overestimating your ability? Here are three common thinking traps and how to escape them.

🎥 That’s interesting: The real story behind The Woman King, a new film starring Viola Davis.

🎵 Useful: Tunefind helps you find songs used in movies and TV shows.

🐾 Aww: And now, hands up!

Meme
tipping meme

Follow Sara on Twitter

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