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UK regulators have dealt an irritating blow to Meta as the tech giant was ordered to sell its GIF database and search engine, Giphy. In 2020, Meta acquired Giphy for approximately $400 million.
Concerns regarding competition in the "short looping videos" sector led to an antitrust investigation by UK authorities. As a result, Meta has agreed to sell Giphy to Shutterstock for $53 million.
The sale is expected to be completed next month, resulting in a loss of nearly $350 million for Meta. This turn of events shows how regulators can seriously disrupt business by undoing deals retrospectively.
