The British antitrust force forced Zuckerberg to sell Giphy: THE CASE
The first time is never forgotten. The tech giant led by Mark Zuckerberg, Halfstated that it will accept the order to cancel the acquisition agreement from 315 million dollars which dates back to 2020. The British Antitrust Authority (the CMA) has indeed ordered Halfparent company of Facebook, Instagram and WhatsAppto sell Giphy, the animated image platform, after a court confirmed its view that the acquisition could harm its rivals and remove a potential competitor in the advertising industry.
The Antitrust Authority reiterated that “the only way to avoid a significant impact” from the acquisition of Giphy by the social network giant on the competition is to “totally sell” the company. Meta has stated that it will accept the order of the Competition and Markets Authority of cancel the acquisition agreementwhich dates back to 2020 (for $ 315 million. Zuckerberg spent $ 1 billion for Instagram and $ 19 billion for WhatsApp).
“We are disappointed with the CMA’s decision, but we accept today’s ruling as the last word on the mattera spokesperson for Meta said, we will work closely with the CMA on the sale of Giphy. “The British Competition Authority had also fined Meta: last February the fine was set at 1.5 million pounds, reduced compared to the previously requested £ 50 million.
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