Figma's 50x ARR M&A Multiple & What it Means for Startup Fundraising

In September 2002, Adobe announced intent to acquire Figma for $20b, valuing the business at 50x current ARR, the highest multiple paid for any software company of scale. 

Does this acquisition reset the market price despite this year’s 70% correction? Tomasz Tunguz, a Venture Capitalist at Theory, shared on LinkedIn that he doesn't think so.