For the employees at Figma, their shot at cashing out evaporated when the Adobe deal was called off. I know people who were ready to leave Github in the past, but their manager told them to wait a bit, there’s a big acquisition coming and their equity would be worth sizeably more.

So here’s one of those scenarios: you’re working at Figma. Perhaps you’re burned out or just want to try out something different. This acquisition deal with Adobe has been signed and you’re grinding through the days waiting for your chance to cash in on the years of work with Figma that have nearly paid off. Then this happens.

This affects startups similarly. The non IPO exit path got that much less attractive.

Temporarily-not-an-unicorn companies will need to raise more money to become a unicorn. If those investors don't see light at the end of the tunnel, these companies get squeezed.