It was recently reported that the UK Competition and Markets Authority (CMA) has fined Meta due to the company’s lack of cooperation regarding its acquisition of Giphy.
Indeed, the $400 million Meta-Giphy deal has been under review by the competition watchdog since June 2020. As Meta has refused to disclose the resignation of key staff and the reallocation of their roles, which is vital in the investigation, it was fined £1.5 million.
This is then the second fine issued against Meta by the regulator regarding the Giphy deal after the company limited the scope of compliance reports. The tech giant is thus losing over a quarter of its value in a week.