Meta lost popularity in the UK! Company will start to sell its acquisitions
Meta has changed its name and concept but still the company has been losing popularity across the world. As a result Giphy will be sold.
One of Meta's significant acquisitions has to come to an and. After Meta lost in the Competition Appeal Tribunal, the UK's Competition and Markets Authority (CMA) has ordered it to sell Giphy.
Meta has recently changed the company's whole identity and the name in order to fit the new modern meta tehcnology, but it looks like the company has not really achieved the popularity they aimed to get.
Meta lost popularity in the UK! Company will start to sell its acquisitions
In May of 2020, Meta paid an unofficial estimate of $400 million for Giphy. The company hoped that the acquisition would make it easier to locate GIFs and stickers in direct messaging and Instagram Stories. Even though the company said that Giphy would be "openly available" to other people, the CMA started an investigation a month later. In August of that same year, they found that the buyout would hurt competition in advertising and social media.Meta denied those assertions and filed an appeal against the November 2021 order to sell Giphy, claiming that the enhancements would ultimately provide "more choices for everyone." According to a spokesperson for Meta, the company was "disappointed" by the CMA's decision, but it would honor it and work together to sell Giphy.
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