English regulators have blocked Meta’s $400 million acquisition of GIF-sharing platform Giphy as it would reduce competition between social media platforms.
More details🧐 Meta social platforms Facebook, Instagram, & WhatsApp, reportedly account for 73% of user time spent on social media in the U.K. The acquisition of Giphy would’ve increased Meta’s already significant market power.
Why is this important🤔 Meta disagrees with the decision & is considering an appeal. Facebook’s plan was to integrate Giphy into Instagram “so that people can find just the right way to express themselves.”