Walmart Buys Tiger Global’s Stake in Flipkart for $1.4B, Plus Morgan Stanley on Adobe and Salesforce 7/31/23

The funding and valuation environment for startups remains challenged, but Tiger Global has notched one big, multi-billion dollar exit recently. After a rough 2022, Tiger told investors today it net a total of $3.5 billion from selling its remaining stake in Indian e-commerce startup Flipkart; a much-needed win for Tiger. Plus, Morgan Stanley analyst Keith Weiss has two big calls out today – upgrading Adobe to overweight on its roadmap to AI monetization, and downgrading Salesforce to equal weight on a lack of near-term catalysts.