UK authorities have now ordered Meta to fully sell the popular GIF platform, GIPHY.
This directive comes from the UK authorities, after going through several phases since Meta announced it wanted to take over GIPHY.
Even before, GIPHY has stated that their GIF platform is becoming less and less used, and that it is better suited for Meta. However, the argument was not accepted, and the UK authorities ordered Meta to sell and not take over the platform.
Authorities in the UK stated that Meta's acquisition of GIPHY would allow Meta to continue to dominate and monopolize the market, as well as collect a large amount of data – thus giving Meta even more dominance in the social media arena.
Previously, in May 2020, Meta expressed its intention to take over Giphy at a value of $400 million.
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NEWS & FACT