Facebook fined $70 million in the UK for hiding information in the Giphy acquisition investigation.

Texas News Today

Facebook, the king of the social media market, continues to grow quarterly. However, such growth comes at a cost, and the company is facing scrutiny from regulators around the world. Allegedly Change Its namesake, the social media giant, is aiming to turn into a “metaverse company” and has been fined £50.5 million ($69.6 million) by the Competitive Markets Authority (CMA).

UK competition regulators have fined Facebook for violating orders placed during an investigation into Facebook’s purchase of the popular GIF platform Giphy. It has been found that Facebook deliberately withheld information related to the investigation.

“We warned Facebook that refusing to provide important information was a violation of the order, but Facebook continued to ignore its legal obligations after losing appeals in two separate courts,” the CMA said. said Joel Bamford, senior director of mergers. said. “This should serve as a warning to companies that think they are going beyond the law.”

CMA is considering an acquisition because it appeared to reduce competition in the digital advertising market that Facebook dominates.

The social media leaders apparently failed to substantiate the CMA with the necessary information related to the Preliminary Enforcement Order (IEO) issued by the CMA. After repeated requests by Facebook, but not made, the CMA considered the failure to be intentional.

IEOs will prevent further integration and ensure that companies compete with each other. According to the CMA, Facebook did not provide a full update on compliance with the requirement to continue to compete with Giphy and not integrate its operations with the GIF platform.

“This is the first time that CMA has violated an IEO by knowingly refusing to report all required information,” the CMA said, adding that there is a large fine for this serious violation. Weakened ability to prevent, monitor and fix problems. “

“We strongly oppose the CMA’s unfair decision to punish Facebook with a best-effort compliance approach that was ultimately approved by the CMA. We will consider the CMA’s decision and consider alternatives.” where did it go.

Facebook fined $70 million in the UK for hiding information in the Giphy acquisition investigation.

Source link Facebook has fined $70 million in the UK for hiding information in the Giphy acquisition investigation.

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