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Adobe abandoned its expensive acquisition of Figma for $20 billion. And the company's general counsel, Dana Rao, explained the reasons for this decision.

Last month, regulators in Europe and the UK expressed concern that it could harm competition in the design software market. It said the company could not prove that the deal would not lead to less competition in the future. That is, Adobe or Figma will not compete with each other. Rao claimed that currently these two companies do not compete. Adobe XD, perhaps Adobe's closest product to its Figma competitor, was put on hold earlier this year. The company also didn't want to spend time and money fighting regulators.

Adobe representatives tried to save the agreement with Figma, but in the end, by mutual consent, they decided to terminate it.