She was right. But Figma is a legitimate, profitable, and strong business.
The reality is most startups are not like Figma. They would make pretty bad businesses and their only exit strategy is to get acquired.
There's simply no way they could stand on their own legs and go public.
Figma being credible competition to Adobe was the reason the merger was blocked. If Figma was less like Figma, and was a pretty bad business, Adobe would be less interested in acquiring them, and regulators would be even less interested in blocking it.