Canva founder says $60 billion valuation is intact despite Google’s AI challenge

Cliff Obrecht, co-founder of Canva, said investors continued to believe in the $60 billion private design company, whose valuation was intact, despite Google releasing a rival product that had unsettled investors amid the broader global selloff in software stocks.

Google has released a high-profile AI design product called Stitch, which recently led to a sell-off in shares of publicly traded Canva competitors Adobe and Figma. Stitch allows businesses to create high-quality websites and apps by simply describing the look and feel they want.

Load…