Adobe is buying design software firm Figma for $20B in cash and stock. Figma was founded in 2012 and makes cloud-based design software that allows teams to collaborate in real-time. The company has raised $332.9M in venture funding and was last valued at $10B in 2021. Investors include Index Ventures, Greylock Partners, and Kleiner Perkins. More: - Figma’s design software competes with Adobe’s XD program.
- Figma is expected to generate more than $400M in ARR this year.
- Adobe is paying about 50 times revenue.
- Adobe plans to integrate some of the features from its other products, such as illustration, photography, and video technology, into Figma’s platform.
- Adobe shares fell more than 15% on Thursday following news of the acquisition.
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The U.S. Drug Enforcement Administration (DEA) is investigating telehealth company Done Global over its practices related to prescriptions for controlled substances. According to sources, DEA agents have been questioning people about the company’s prescriptions of stimulants like Adderall, which the U.S. government classifies as a Schedule II controlled substance like OxyContin. More: - Earlier this year, Cerebral, another telehealth company, received a grand jury subpoena from the Justice Department over possible violations of the Controlled Substances Act.
- Cerebral stopped prescribing most controlled substances after it received the subpoena.
- The Justice Department’s probe into Cerebral was by the DEA’s Diversion Control Division, whose agents made inquiries to Done.
- The DEA is a law-enforcement agency within the Justice Department.
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Kanye West formally informed Gap Inc. that he would terminate his partnership with the clothing chain after just two years. West partnered with Gap in 2020 to develop a collection of clothes under the Yeezy Gap brand. West claims Gap breached the agreement by not releasing apparel and opening retail stores as planned. More: - According to the letter sent by West’s lawyers, items won’t disappear from Gap stores immediately.
- Gap would be able to sell all existing Yeezy Gap products before ceasing to use the brand name.
- The letter does not apply to items made in collaboration with fashion house Balenciaga, which is also sold through Gap.
- West has previously criticized Gap for allegedly copying his designs and cutting him out of the creative process.
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Patagonia founder Yvon Chouinard and his family are giving away their ownership stake in the apparel brand, worth close to $3B, to help fight climate change. The company’s stock will be owned by a collective that will use all profits not reinvested into the business to protect wild land and biodiversity and fight climate change. More: - Patagonia’s stock will be owned by a trust called the Patagonia Purpose Trust and a group of nonprofit organizations called the Holdfast Collective.
- According to a statement released by the company, the Patagonia Purpose Trust will get all the voting stock of the company, which is 2% of the total.
- The trust will use the voting shares to create a “more permanent legal structure to enshrine Patagonia’s purpose and values.”
- The Holdfast Collective will have all of Patagonia’s non-voting stock, which amounts to 98% of the total.
- Chouinard founded Patagonia 50 years ago.
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Union leaders and freight railroads reached a tentative labor agreement on Thursday to avoid a nationwide strike that would have severely impacted the U.S. economy. President Biden and White House officials interceded to broker a deal to prevent transport disruptions that would have exacerbated ongoing supply chain issues. More: - Business groups and key rail customers, such as energy companies and national retailers, had been calling on the government to avoid a strike.
- President Biden said the agreement was validation that unions and management can work together.
- Union members had been working without a contract since 2019.
- Union leaders used the negotiations to protest new attendance policies some of the railroad companies had adopted since 2019.
- Under the agreement, workers will be able to take time off for a scheduled doctor's appointment without risking discipline.
- The new agreement, which is retroactive to 2019, includes a 14.1% wage increase upon ratification.
- Union workers would also get a 4% pay increase in July 2023 and a 4.5% pay increase in July 2024, as well as five annual $1,000 lump-sum payments.
Zoom out: - Amtrak was working Thursday to restore trains that had been canceled in anticipation of the strike.
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Retail sales in the U.S. rose 0.3% in August from July. According to the Commerce Department, the increase outpaced inflation and marked a reversal from the 0.4% decline in July. More: - The report showed consumers had more to spend in August due to falling gasoline prices.
- August’s retail sales growth was led by a 3% gain in auto sales.
- U.S. shoppers also bought more luxury vehicles than ever before.
- Spending at bars and restaurants rose 1.1% in August.
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- Apple Card’s credit risk manager, Abhi Pabba, is leaving the company to join fintech startup X1.
- Twilio is laying off 11% of its staff, about 800-900 people.
- U.S. mortgage demand volume fell 1.2% last week and has fallen 29% since last year.
- Amazon plans to invest $450M to fund wage increases and other benefits for its delivery drivers.
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 |  | Vanessa Omeokachie is a Freelance Writer for Inside.com. She writes the Inside Business newsletter. Her interests include finance, technology, and entrepreneurship. In her free time, she enjoys reading, hiking, attending concerts and music festivals, exploring cities, and traveling. Connect with her on Twitter @VanessaOmeo or on LinkedIn. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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