Facebook fined £50 million
 

UK antitrust watchdog bites

The BBC is reporting that Facebook has been fined a record £50 million by the UK's Competition and Markets Authority.

The social notworking site has been fined for deliberately failing to provide required information connected to its 2020 acquisition of Gif-sharing service Giphy.

The £50 million fine the CMA handed Facebook is more than 150 times higher than the previous record handed down for similar offences, at £325,000.

The CMA said in a statement: "This is the first time a company has been found by the CMA to have breached an order by consciously refusing to report all the required information."

Giphy is widely used by Facebook's competitors to power animated Gif images used in social media apps, on mobile keyboards, and elsewhere online. That led to potential competition concerns.

https://fudzilla.com/news/53750-face...ned-50-million