META: Sells Giphy for Peanuts

By Staff Reporters

Meta, the Facebook tech giant sold the GIF platform it had recently bought at a steep loss after the UK’s competition regulator demanded it unwind its acquisition over antitrust concerns.

Meta had acquired Giphy in 2020 for $400 million, and just sold the company to Shutterstock for nearly $350 million less than that—$53 million. This was the first instance of British authorities dismantling a Big Tech deal that had already closed

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The MARKETS and Meta

By Staff Reporters

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  • Markets: Strong earnings reports for the stock market’s tortured participants. Stocks climbed for the second straight day after companies including Goldman Sachs, Netflix, and Lockheed Martin topped Q3 estimates. Tesla’s up later today.
  • Meta will sell Giphy after UK regulators blocked its $400 million acquisition from going through.

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FINANCE: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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