UK regulatory fines Facebook - owner Meta, will pay $2 million
The Owner of Facebook Meta has revealed a fact that it will pay a $2 million new UK fine.
The regulatory body of the UK, on Friday, told that it had ordered Meta to sell the animated image platform Giphy which was reportedly acquired for $400 million in May.
Competition and Market Authority (CMA) of Britain said that Meta has not complied with certain aspects of its requirement.
Highlights
- CMA is the authority that has been investigating the major big tech firms and their dominance.
- Meta in response actively to CMAs order which is directing it to sell Giphy.
- The Company Facebook was previously last year also fined 50 million pounds.
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United Kingdome state Britain’s Competition Authority stated on Friday that it had fined the Facebook-owned Meta for the fresh issue regarding the purchase that it had made of Giphy.
The Competition and Market Authority (CMA), this year has taken strong major action against such big tech companies about their advertisement digitally, and hence it has decided to block the Facebook Giphy deal.
The Regulatory of Britain ordered Meta to sell its platform named Giphy which has animated pictures which it acquired in $400 million in May 2020. The decision by the CMA was taken when the firm didn’t comply with the CMA requirements over the impact of digital advertisement.
The order statement by the CMA was released on Friday in which it said “serious and particularly flagrant nature of Meta’s failure to comply,” the rules reveal the two firms are still competing with each other and do not integrate while the investigation is going on.
This order having the nature of announcement is deteriorating the relation between the US tech firm Meta and UKs regulators.
The regulatory body also, last year fined the tech company, Meta GBP 50.5 million for, it violates the rules in October. Meta is not willing to accept the fine and it is also not ready to accept the obligation that has been imposed on the company but it said that it will pay the amount.
It also said that lit could not prevent from leaving the company to the employees.
One spokesperson said about the matter as “We intended to pay the fine, but it is problematic that the CMA can take a decision that could directly impact the rights of our US employees protected under US law,” said the company’s spokesperson.
