Adobe buys Figma, Uber gets hacked and Google folds Area 120

Hello friends! Welcome back to Review of the week, the newsletter where we quickly recap TechCrunch’s most read stories from the past seven days. The goal? Even if you’ve had a busy week, a quick review of WiR should keep you in the (technical) line.

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This week has been quite the spread, with another big story every few hours. Let’s just go in, shall we?

most read

  • Cuts in Area 120: Area 120 is Google’s internal incubator designed to allow Googlers with potentially big ideas to use the mega-company’s resources to turn those ideas into something real. However, Google confirmed this week that it is cutting half of the Area 120 projects currently in development as the incubator “shifts its focus” to AI projects. Affected employees have until early 2023 to find new jobs at Google.
  • Adobe buys Figma: In one of the biggest tech acquisitions of all time, Adobe announced this week its intention to buy collaborative/web-based design tool Figma for a whopping $20 billion. Figma saw ridiculous growth during the pandemic as many, many technical teams moved away and adjusted their workflows accordingly. Even for a company as large as Adobe, it would be difficult to get this part of the workflow back.
  • Redundancy at Twilio: Twilio confirmed this week that it will cut roughly 11% of its workforce — somewhere between 800 and 900 people — as the company focuses on reaching profitability in 2023.
  • iOS 16 goes live: Like expected, iOS 16 hit Apple devices this week. Want our thoughts on it? Find Romain’s review here. Want to know all the not-so-obvious new features hidden in the update? Check out Ivan’s list. Most of our readers seem to be looking for interesting ways to use these new lock screen widgets.
  • South Korea issues arrest warrant for Terraform Labs founder: “A South Korean court has issued an arrest warrant for Do Kwon, the founder of Terraform Labs,” Manish wrote, “escalating its investigation into the crypto ecosystem, whose two tokens lost $40 billion in value in a few days earlier this year.”
  • Uber hack: Late Thursday night, Uber confirmed it was “responding to a cybersecurity incident” after a hacker apparently breached the company’s internal network, with the hacker reportedly announcing his presence (and protesting how Uber pays its drivers) right in Slack on Uber.

audio summary

If you like TechCrunch for your eyes, check out TechCrunch for your ears. This week in TechCrunch podcast land, Equity team talks about how Y Combinator has evolved in recent years, Chain reaction crew “entrenched in the institutional embrace of blockchains by flimsy financial centers” and Found team did all the “greatest hits” by revisiting an interview with Figma founder Dylan Field from earlier this year.

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