Adobe did not buy Figma at a 50x multiple because it thinks Figma is worth that much. It bought the company at 50x because it was a number Figma's board couldn't say no to, and removes their stiffest competition in a quarter century in the process.
It seems strange to me - if the only possible way of valuing Figma at it's sale price is to assume that Adobe is doing something <i>massively anti-competitive</i> then surely a regulator can't stand for that right?