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Britain’s competition regulator has fined Facebook 50.5 million pounds, or about Rs 520 crore. This fine has been imposed on Facebook for violating the order of the regulator during the investigation after the purchase of GIF platform Giphy. The Competition and Markets Authority (CMA) has said on this matter that Facebook has deliberately done this. It is mandatory to impose fine on him and warn him, because no company is above the law.
The UK fines Facebook over £50 million for information breach, reports AFP pic.twitter.com/gK4anUQFhK— ANI (@ANI) October 20, 2021
The regulator says that Facebook has failed to provide complete information about the acquisition of Giphy. In addition, Facebook has also failed to allow Giphy to operate with its platform during the investigation. The regulator has said that Facebook has not provided necessary information regarding the acquisition of Giphy, despite repeated warnings about it.
According to the report, Facebook is preparing for its re-branding. The new name of Facebook may be announced next week. Facebook CEO Mark Zuckerberg can announce the new name of the company at an event to be held on October 28. Apart from the Facebook app, there can also be big announcements regarding the names of other products of the company like Instagram, WhatsApp, Oculus etc., although no official comment has been made by Facebook on this report yet.