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Meta does not cooperate. In any case, that is what the British Competition and Markets Authority (CMA) believes, which imposed a second fine on the social networking giant as part of its investigation into its acquisition of Giphy for an amount of $400 million. As a reminder, the investigation started in June 2020, one month after the announcement of the operation.
This Friday, the regulator therefore announced a new fine, amounting to 1.5 million pounds. Meta is accused of failing to give notice of the resignation of key employees, specifically three of them, and the reassignment of their roles. However, the disclosure of this information is required by this type of investigation. The employees in question were previously on a list of key employees provided by Meta to the CMA.
Meta in a bad patch
As part of this acquisition, Meta, formerly Facebook, had already been fined £50 million last October for failing to comply with CMA injunctions.
This fine also follows the decision of the CMA to order the sale of Giphy. For the authority, the acquisition of the GIF giant by Meta would reduce competition between social media platforms and the local advertising market. But that decision is currently being challenged by Meta, which appealed that order last month, arguing that the regulator lacks the power to force a sale.
The announcement of this latest fine comes as social media giant Meta faces complicated news: after ending its Diem cryptocurrency project late last week, the company announced that changes to ‘iOS was going to cost it $10 billion, before recording a loss of more than a quarter of its financial value last Thursday. Meta has also received his first criminal charge, from Australian billionaire Andrew Forrest, who accuses Meta of not doing enough to prevent scams from spreading on his social media platforms.
Source: ZDNet.com
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