Meta paid $400 million for Giphy in May 2020, according to unconfirmed estimates. The business believed that the acquisition will make it easier to locate GIFs and stickers on Instagram Stories and direct chat. While the company claimed that Giphy will be “openly accessible” to others, the CMA initiated an inquiry a month later and ruled that the acquisition would impair competition in social media and advertising in August of that year. Meta denied such assertions and filed an appeal against the November 2021 decision to sell Giphy, claiming that the upgrades would eventually provide “more alternatives for everyone.”
