[oohaargh]

Not an expert in the law or in this case, but blocking large companies from acquiring other companies which operate in the same space in order to cement monopolies is a pretty fundamental part of what a competition regulator is there for, it's hardly "bad law" or some arbitrary campaign against facebook

[baby]

How is giphy “the same space”?

[vorpalhex]

Giphy had an advertisement network that was based around gifs. Facebook shut down that advertisement network when they bought Giphy and rolled their own ads instead.

[oohaargh]

Mate, the whole article is 11 sentences, including the bit that explains what a gif is, and 2 of those 11 sentences answer your question