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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