> most startups cut their valuation by a lot in 2022
Most startups are not used by every single other startup, whereas I would be very surprised if any startup doesn't use Figma for UI design. I've never used Canva and never heard a company using it. The only time I heard of Canva is to create a nice looking CV. Comparing outliers to the average/most isn't very helpful.
> Another way to peek at a startup’s valuation is by revenue and growth multiplier.
That is clearly not the only factor in valuation. It also depends on Figma's cash, founders desperation (very low, especially to sell out to Adobe), acquirers desperation (very high), how unique is Figma (Sketch, Adobe XD and Canva are way worse), and loads more factors.
I would guess the real reason the Adobe price tanked was because it was a huge admission of defeat. Previously, you can't see how bad Adobe XD has performed, and now you know it's so low it doesn't matter. They can't build something people want. Nobody wants to use Adobe XD, even when IIRC, it was free at one point.