Why Meta Platforms Stock Flopped While the Market Rose Today
A good day for the stock market isn't necessary beneficial for social media king Meta Platforms (NASDAQ: META) too. This was proven on Tuesday, as the company's stock slumped by nearly 1% while the S&P 500 index happily bounced to a more than 1% gain. A regulatory defeat across the Atlantic Ocean was the key reason for the stock's decline.
Tuesday morning, U.K. antitrust regulator the Competition and Markets Agency (CMA) issued a final order mandating Meta Platforms to sell Giphy. The company said it will comply with the order.
Giphy is the British GIF search engine and storage site the social media giant bought in 2020 for $315 million. Shortly after that, however, the deal drew the attention of the CMA, which wasted little time bringing its case against the company.
Source Fool.com
