Why Meta has been ordered to sell GIF platform GIPHY (Updated)

Update (12PM CET, November 30, 2021): Updated to include the CMA’s decision. Meta, the corporate conqueror formerly known as Facebook, looks set to lose a chunk of its gargantuan empire. The UK’s competition regulator has ordered the company to sell GIF platform Giphy as the takeover “could harm social media users and UK advertisers.” We’ve directed #Facebook to sell Giphy after finding the takeover could reduce competition between social media platforms and i