Meta selling Giphy for fraction of purchase price ...Middle East

Meta, the parent company of Facebook, sold the GIF-sharing platform Giphy to Shutterstock for $53 million, a fraction of the $400 million that the company reportedly paid for it in 2020.  Shutterstock, a stock photo company, said in a release on Tuesday that it has reached an agreement to acquire Giphy, which it called the world’s largest collection of GIFs and stickers.  The release states that Giphy draws in more than 1.3 billion search inquiries daily and is critical in text or message conversations on platforms such as Meta, TikTok, Twitter, Snapchat, Slack and Microsoft Teams and Microsoft Teams and most mobile devices.  "Shutterstock is in the business of helping people and

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