Facebook owner Meta Platforms (FB) has been ordered by the UK competition authority to offload Giphy, a platform for animated images. Reuters reports that the Competition and Markets Authority (CMA) believes a merger of the two will reduce competition in the social media space by allowing Facebook to add to its significant market power. FB shares fell 4.01% to close at $324.46 on November 30. Facebook is a social networking company that develops applications that enable people to connect through mobile devices and personal computers. Facebook - Giphy Stalemate The competition watchdog has also warned that Facebook's acquisition of Giphy reduces competition in the display advertising segment.
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